Government to revive pace of activity on major capital projects

07 Oct 2017 18:10pm
WINDHOEK, 07 OCT (NAMPA) – Finance Minister Calle Schlettwein said government will roll-out interventions to revive the pace of activity on some of the major ongoing public sector capital projects.
Speaking at the National Special Risks Insurance Association’s (NASRIA) 30th anniversary celebrations here Thursday, Schlettwein said this will amongst others be done through harnessing alternative means of financing the projects through the establishment of an Infrastructure Fund at the Development Bank of Namibia.
It will also include the implementation of the African Development Bank infrastructure loan facility and the enhancement of public-private partnerships.
He noted that the amendments to domestic asset requirements from the current minimum threshold of 35 per cent to 45 per cent by October 2018 will also release a substantial amount of money into the economy to support some of the projects.
“The private sector should work together with the government to identify listed and unlisted investment opportunities, as the Ministry of Finance avails itself of such result-oriented engagements,” said Schlettwein.
The minister further noted that the financial sector plays a critical role in the economy by providing financing capital for investment.
“Apart from providing a cushion for shocks arising from unexpected occurrences, the insurance industry and other institutional investors are home to the national savings which, if harnessed and mobilised optimally, can propel national economic development to higher levels of economic development,” said Schlettwein.
NASRIA provides cover against damage to property and consequential loss caused by, amongst others, riot or civil commotion, strikes, lock-outs and labour disturbances.