(3 Minutes Read)
The Environmental Investment Fund (EIF) has mobilised N$3.6 billion for environmental projects over the past 12 years to fund environmental projects in Namibia through cross-sector collaboration. According to EIF CEO Benedict Libanda, over 200,000 people have benefitted from environmental projects supported by the Fund.
The EIF said this has been done through fostering collaboration across various sectors, working with six key ministries to ensure environmental considerations are integrated into national development. The collaborative spirit extends beyond government, establishing partnerships with 14 development finance institutions. These partnerships have been instrumental in securing funding for Namibian communities.
These projects address crucial issues like food security, access to water, and community safeguards. The EIF has also partnered with civil society organisations, including NGOs, conservancies, and farmers’ associations, to deliver grants and credit lines. N$900 million from the Green Climate Fund, UNDP, GIZ, and the African Legal Service Support have benefitted more than N$2 million over the past eight years. And this was towards financing safeguards of communities, food security, and access to water. He further explained that the Fund has also collaborated with three commercial banks namely Bank Windhoek, FNB, and Nedbank.
Through a programme called the Sustainable Utilisation of Natural Resources and Energy Programme (Sunrev), the EIF deployed N$870 million for renewable energy projects. This programme financed the construction of solar plants generating a combined five megawatts of clean energy.
Funding also supported agricultural projects, creating and securing employment for over 16,000 people. Libanda also mentioned that a project situated 10 kilometres outside of Okondjatu received N$12 million in funding to cultivate fresh vegetables.
In the past two years, the Fund has drilled and retrofitted 169 boreholes across 10 regions. This intervention has benefitted an estimated 280,000 livestock and provided access to clean drinking water for 90,000 people, particularly in the Kunene Region.
The Fund also established a N$6 million endowment facility. This initial investment leveraged an additional N$123 million from donors within six months and the funds were used to create the Climate Resilience, Recovery, and Conservation endowment fund. The fund provided critical support for vital conservation efforts. It financed game guard salaries, vehicle operations, and anti-poaching initiatives for 2 to 3 years.
Building on this success, the EIF has launched a new endowment fund specifically designed to ensure long-term wildlife conservation. This fund currently holds N$40 million, with a target goal of N$200 million. These funds will be used exclusively to address critical needs and ensure the continued protection of Namibia’s wildlife heritage.
The EIF has allocated N$72 million to the Green Impact facility programme over the past two years and aims to increase this allocation to N$100 million in 2024. Additionally, the Fund is exploring partnerships with institutional investors to leverage their existing funding and potentially grow the Green Impact Facility to N$300 million by 2025.
Read Also:
https://trendsnafrica.com/namibia-africas-second-fastest-growing-fdi-destination-kenya-leads/
The EIF estimates that the Green Impact Facility will support the creation of up to 800 jobs in 2024 and potentially reach 4,000 jobs by 2025. These loans are used in the areas of renewable energy, sustainable agriculture and bush encroachment.
The EIF was established in 2001 with the passage of the EIF Act 13 and was tasked with raising funds for investment in projects and programmes that promote sustainable development.
