Namibia is looking eastward and Malaysia is its new friend. In late July, President Sam Nujoma visited Kuala Lumpur, where he announced 'large investments' by Malaysian companies in banking, mining and infrastructure projects (AC Vol 37 No 8). Namibia's Government Institutions Pension Fund, worth N$4,500 million (US$1,000 mn.) is being tapped for finance to back some of these private sector schemes. The International Monetary Fund has warned that the risk involved could reduce returns on the GIPF's portfolio but Jaafar Ahmad, a Governor of the Bank of Namibia, supports the use of GIPF resources. Ahmad is on secondment from Malaysia' s central bank.
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