The Millennium Challenge Account Namibia (MCA-N), bankrolled by the United States government, is moving within its target, according to its just-released annual report.
MCA‐N invests in Namibia’s education, agriculture and tourism sectors through the United States government’s Millennium Challenge Corporation (MCC) to the value of US$304.5m (N$ 2.5b) with the aim of reducing poverty through economic growth.
According to the annual report, almost half of the budget is allocated to the education sector, tourism and agriculture where each sector gets approximately 20% while 10% goes into administration.
The report reflects the organisation’s performance for 2012, indicating that almost all targeted commitments have been met in the five-year programme, which comes to an end in 2014.
MCA‐N has recorded a slight overall below‐par performance on its commitment and spending targets, which are; US$81m against the target of US$104m (approximately N$708m) in signed contracts (commitment) and US$53m (approximately $355m) against the envisaged target of US$74m (approximately N$550m) (spending).
Of the total compact budget, MCA‐N has, to date, committed US$219m (72%) and spent US$107m (35%).