Namibian finance minister urges AfDB diversification

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The African Development Bank (AfDB) should develop a mix of competitive financing instruments that go beyond lending to ensure affordability and long-term financing predictability, Namibian Finance Minister Saara Kuugongelwa-Amadhila has advised.Kuugongelwa-Amadhila said the bank should be perceptive to issues such as the exploitation of the existing financial systems and infrastructure to promote local ownership, lessen local capacity under-utilisation and realise capital market development.

The minister added that the bank should accelerate private sector support, which she said has so far not been optimised.

“It is thus now an opportunity for policy-makers, public institutions, the private sector and other key stakeholders in economic development to be informed about the work of the bank, and what it offers,” the minister said in a speech read on her behalf by her special advisor Paul Hartmann during the opening of a two-day AfDB seminar that started here Monday.

AfDB is a multi-lateral development finance institution established to contribute to the economic development and social progress of African countries.