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Namibia’s Finance Minister and Governor for the Bank, Sara Kuugongwelwa-Amadhila who signed the loan guarantee and grant agreements on behalf the Government in Windhoek stressed the importance of the project which aims to position Namibia as a regional logistics hub by 2017.
It is expected to enable Namport to triple the container-handling capacity at the Port of Walvis Bay from 350,000 to 1,050,000 teu per annum. It will also finance the purchase of up-to-date port equipment and the training of pilots and operators for the new terminal.
The grant component will fund the preparation of the National Logistics Master Plan study, technical support and capacity-building for the Walvis Bay Corridor Group and training of freight forwarders with particular emphasis on female staff.
The project will stimulate the development of and upgrade multimodal transport corridors linking the port to the hinterland while improving the country’s transport and logistics chains.
It will also boost competition among the ports and transport corridors in the region with the ripple effect on reductions in transportation costs and increased economic growth.
Outcomes include improvement in port efficiency and increase in cargo volumes by 70% in 2020 as a result of increased trade in the region.
The benefits of the project will include among others, the stimulation of inter-regional trade and regional integration, private sector development, skills transfer and most importantly employment creation, leading to significant economic development and poverty reduction in Namibia, and the SADC region.
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