Economic Growth summit garners N.dollars 20 billion validated investments

01 Aug 2019 17:40pm
WINDHOEK, 01 AUG (NAMPA) - The two-day 2019 Namibia Economic Growth Summit has attracted and validated an investment commitment of N.dollars 20 billion, which will go towards projects expected to revive and grow the Namibian economy over the next two years.
Of the validated N.dollars 20 billion, N.dollars 9.5 billion was from foreign investment.
While addressing the media on the outcomes of the summit here on Thursday, Chairperson of the High Level Panel on the Economy, Johannes !Gawaxab, said the investment announcement exceeded the panel’s target of US.dollars 1 billion (N.dollars 14.21 billion) and signified the beginning of a new narrative towards the revival of the local economy, creating employment and partnerships within the public and private sector.
Investors who have committed and have been validated were the Development Bank of Namibia, Development Bank of South Africa, Government Institutions Pension Fund, Ongus Housing Development, Ohlthaver and List, a private Dubai-based Namibian farm owner and Gondwana.
!Gawaxab added that an additional N.dollars 30 billion committed during the conference is in the process of being assessed and authenticated by an investment committee instituted under the high level economic panel.
“The investment committee received many proposals and submissions about projects, investments and commitments. They have assessed, verified and validated [the commitments] and we’ve even received letters to that effect from some investors,” he said.
Speaking further about the investors falling under the N.dollars 30 billion category, !Gawaxab said they comprise “reputable institutions” such as the Africa Export-Import Bank, the Old Mutual Investment Group and the Comsar Energy Group.
The 2019 Namibia Economic Growth Summit attracted over 800 Namibian and international participants comprising businesspeople, associations, trade unions and federations.