The Namibian cabinet on Thursday announced a final plan to take up its full complement of shares in the African Development Bank ((AfDB).
Namibian Minister of Information and Communication Technology, Stanley Simataa said the Namibian government has taken an undertaken to fully subscribe to the AfDB.
The announcement comes after Namibian Minister of Finance Calle Schlettwein attended the recent Board meeting of the AfDB.
“Cabinet took note of the approval by the AfDB on the seventh general capital increase of the bank and the consequent notification period for subscription. The Cabinet to took note of the approval of 357 million temporary units of the account by Sweden to support AfDB,” Simataa said.
Simataa added that the move to take up the full complement of shares offered to Namibia at AfDB is to make sure they secure their investments through subscription to the bank as well as benefit from the bank’s loan schemes.
The Namibian Government, Simataa said has been accessing credit lines form AfDB in the past few years.