World Bank Approves $138.5 Million Loan To Namibia

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The World Bank on Tuesday approved a $138.5 million loan to help Namibia bolster its transmission network and integrate renewable energy projects into the grid.

One of Sub-Saharan Africa’s driest countries with plenty of sunshine and wind, Namibia wants to position itself as a renewable energy hub in tandem with massive offshore oil and gas finds that have turned the country into a global exploration hotspot.

“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” Satu Kahkonen, World Bank country director for Namibia said in a statement.

The loan will be used by national electricity utility NamPower as it seeks to wean itself off electricity imports from neighbouring countries and will be Namibia’s first World Bank-financed energy project.

Besides new solar and wind projects, Namibia is also pursuing a $10 billion green hydrogen project that will be exported to the European Union once completed.