A total of 593 million euro – about N$10.6 billion at the current exchange rate – was pledged today to Namibia in grants and concessionary loans at the COP27 climate summit in Egypt.

These streams of capital will be an essential bloodline required to build a green and blue economy, commented James Mnyupe, Namibia’s green hydrogen commissioner and economic advisor to Pres Hage Geingob.

Today’s announcements were:

US$43 mln – Grant from Invest International to government

5 mln euro – Grant from European Investment Bank to government

10 mln euro – Grant from the European Investment Bank to Hyphen

25 mln euro – Concessionary loan to Hypen

10 mln euro – Grant from European Investment Bank to HDF Energy

500 mln euro – Concessionary optional facility from European Investment Bank to government.

According to Mnyupe, government has mobilised more than N$11 billion since the launch of the Harambee Prosperity Plan II in March last year.

Germany’s federal ministry of education and research granted government 40 million euro last August.