PREVIEW
AfDB, China and UAE looking to invest in agriculture and energy
The money may be rolling in from the Mopane offshore field (AC Vol 66 No 16, Oil will test Namibia’s Nandi-Ndaitwah) but President Netumbo Nandi-Ndaitwah’s government is looking beyond oil to fuel growth (AC Vol 64 No 11, Oil boom poses governance risks).
As a result, the African Development Bank has announced plans to invest US$1.78 billion during NNN’s first term, backing projects in sectors such as transport, energy and water. The United Arab Emirates and China are eyeing new Namibia’s agriculture sector.
Tonata Itenge-Emvula, the new ambassador to China, has been touting for investment in agriculture and renewable energy projects. She argues that increased investment in irrigation, infrastructure and processing could enable Namibia to become a stable supplier of food to China. ‘Food security is central to reducing poverty and strengthening livelihoods, and we see tremendous potential for cooperation with Chinese partners,’ she said.
The European Union is among a group of investors in large-scale green hydrogen projects, while ministers in Windhoek are also hoping to tap funding for wind and solar power.
Meanwhile, reports say that TotalEnergies has pulled ahead from rival oil majors vying for the 40% stake in Mopane that Portuguese firm Galp Energies is selling. Galp has estimated that the complex could contain as much as 10 billion barrels of oil and produce its first crude by 2030.
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