African Development Bank says it plans $1.78bn financing for Namibia

Source: Reuters.

The financing is part of the bank's strategy to support Namibia's economic growth over 2025-2030, and the total amount of financing could change as it will be reviewed halfway through that period, the spokesperson added.

The majority of the money will be in the form of loans, though there will also be a grant component.

The spokesperson did not specify which transport, energy and water projects would receive the funds.

Resource-rich Namibia has been an exploration hotspot for global energy companies in recent years and is aiming for its first crude oil output by 2030, which could transform its small economy.