Govt loans N$10 billion from AfDB

Govt loans N$10 billion from AfDB

ECONOMICS

Govt loans N$10 billion from AfDB

Staff Reporter

7 Year Ago - 2017-05-11 16:22:00

The Namibian government has made a loan of N$6 billion with the African Development Bank (AfDB) to finance its budgetary deficit, finance minister Calle Schlettwein announced this afternoon at a media conference in the capital.
Over two years, the government has taken out a total loan of N$10 billion with the remaining N$4 billion to be spent on infrastructure projects.
Namibia has 15 years to pay the loan back at an interest rate of 8.14% but, government has received a three-year reprieve before repayments must begin.
STAFF REPORTER

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