Namibia to receive over 240 million dollars from China

09 Sep 2013 08:30
By Maggy Thomas
XIAMEN, CHINA 09 SEP (NAMPA) - Namibia will receive approximately N.dollars 243 million (150 million Yuan) from the Chinese Government, Vice-Prime Minister of the People’s Republic of China, Ma Kai announced on Sunday.
Ma stated this during a meeting with Namibian Deputy Prime Minister Marco Hausiku after the official opening of the 17th China International Fair for Investment and Trade (CIFIT), which kicked off in Xiamen on Sunday.
He said the grant will be used for developmental projects in Namibia, and will officially be handed over to Namibia once the two governments have worked out all modalities, which include the identification of the projects to be funded.
On his part, Hausiku thanked the Government of China for the gesture, and promised that the money will be put to good use for the benefit of all Namibian people.
He also informed the Chinese leader that all developmental projects which the Chinese Government is funding in Namibia, are doing well.
Hausiku indicated that China is an important trading partner as well as a source of foreign direct investment to Namibia, especially in the areas of infrastructural development, mining and the energy industry.
“Globally and especially in the face of the financial meltdown, China has emerged as a significant exporter of capital,” he stated.
The Deputy Premier said China is one of the largest single markets in the world, and presents opportunities for Namibian goods as Namibia strives to diversify its trade links and export destinations.
“Namibia is looking to its friends like China for support and investment to enable her to realise her set long-term investment and economic and industrialisation ambitions,” he stated.
Hausiku is leading a powerful Namibian business delegation of about 40 Namibian businesses at the fair.
During his visit, Hausiku is expected to also address Chinese businesses on the current volume of trade and investment between China and Namibia.
This year's China Fair for Investment and Trade takes place under the theme 'Introducing Foreign Direct Investment and Going Global', and is aimed at facilitating bilateral investment and the promotion of inter-nation investments.