Namibia and Germany on Friday signed a Financial Cooperation Agreement that will provide about 170 million U.S. dollars in a loan on favorable terms to support economic development in Namibia.
A joint statement by the two governments said the loans will be used to fund the Namibia Water Sector Support Program which aims to implement new water projects to improve access, quality and sustainability of water supply and sanitation in Namibia.
The statement said the Renewable Energy Program which seeks to expand production capacity in the African country will also benefit.
It said part of the loan will also be used to support micro and small enterprises.
It added that the loan will help low-income households in overcoming the COVID-19 crisis by providing microcredits to predominantly rural customers, mainly women. (Xinhua/NAN)
