World Bank and IFC urge Namibia to deepen private sector reforms to transform economy and create jobs

Kenyan President Uhuru Kenyatta (R) speaks to International Finance Corporation (IFC) Managing Director Makhtar Diop at the State House in Kenya’s capital, Nairobi, February 1, 2022. Kenyan President Kenyatta called on Tuesday the International Finance Corporation (IFC) and other constituent financial institutions of the World Bank to provide more support to the private sector to drive Kenya’s economic growth. (Photo by Fred Mutune/Xinhua)

Namibia can transform its economy, create jobs, reduce inequality and recover faster from the impact of COVID-19 by deepening private sector reforms, according to a report by the International Finance Corporation (IFC) and the Bank world.

The Namibia Country Private Sector Diagnostic (CPSD), launched in Windhoek on Friday, highlights opportunities for Namibia to attract investment and achieve sustainable private sector-led growth.

The report suggests policy reforms to encourage competition and public-private partnerships, particularly in the energy and water sectors.

“The World Bank is committed to helping the government adopt reforms aimed at attracting private investment to diversify the economy and create jobs,” said Marie Françoise Marie-Nelly, World Bank Country Director for Namibia.

The CPSD further highlights the need for greater efficiency in the logistics and trade facilitation sectors in Namibia and highlights untapped opportunities in digital transformation and the water sector for green and sustainable growth. resilient.

“Namibia has the opportunity to create a more conducive business environment, revitalize its private sector, and reposition its economy on a greener, more resilient, and inclusive path,” said Adamou Labara, IFC Country Director for Namibia.

The CPSD notes Namibia’s world-class but largely untapped renewable energy resources.

Namibia has one of the highest levels of solar irradiation in the world and excellent wind resources, and increased private sector participation in renewable energy will enable Namibia to become a regional supplier of green energy. , says the report.

The report adds that Namibia holds promise for climate-smart investments in the livestock and horticulture sectors, which could generate income and jobs.

“The private sector is well placed to help develop and scale approaches for innovative water solutions such as desalination, where Namibia is already a leader,” the report says.

The IFC is a sister organization of the World Bank and a member of the World Bank Group. Final article

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