19 Oct 2016 18:00pm
WINDHOEK, 19 OCT (NAMPA) The Namibia Industrial Development Agency (NIDA) Bill was tabled in the National Assembly (NA) on Wednesday.
The Bill to be used to establish NIDA defines the objectives, powers, duties and functions of the agency.
Cabinet last year approved the establishment of NIDA, which will incorporate the Namibia Development Corporation (NDC) and the Offshore Development Company (ODC), as well as the two relevant boards of directors to include representation from the economic offices, ministries and agencies and the private sector.
Minister of Industrialisation, Trade and Small and Medium Enterprise (SME) Development, Immanuel Ngatjizeko said during his motivation for the Bill that NIDA would foster economic growth and development to raise income and promote investments.
The agency will generate operating revenue from project management and implementation on behalf of Government and develop business infrastructure; be responsible for production operations in agriculture and sourcing of loan financing through development financing institutions; and co-investment in key projects by other public or private sector partners.
Last year, NIDA was allocated initial capital of N.dollars 50 million in the 2015/2016 financial budget of the Ministry of Industrialisation, Trade and SME Development.
Ngatjizeko said despite financing from Government, the agency would be expected to sustain itself.
It is foreseen that NIDA should have a broad variety of income streams to enhance its self-sustainability, lessen dependence on budget support, and generate its own operating capital.
He explained this would require operations that are aimed at cost recovery and in some instances at generating surpluses to allow for purely supportive activities subsidised from other operations.
The minister added that there would also be provision for co-investment by other institutions both public and private, and for the formation of tailor-made public-private partnerships in specific ventures.