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Chamwe Kaira The Sovereign Wealth Fund was launched with an initial balance of around N$270 million in May 2022, has on the back of positive investment returns, increased its value to N$374 million. Bank of Namibia’s director of strategic communications and international relations, Kazembire Zemburuka told Observer Money that the Sovereign Wealth Fund Bill is currently in draft format and deliberations are underway to set funding rules from various revenue sources, along with withdrawal rules. “Meanwhile, the agreement that was signed to oversee the Fund between the Ministry of Finance and Public Enterprises and the Bank, remains applicable. An amount…

With Namibia’s energy sector and its overall economy on the cusp of unprecedented transformation given massive offshore oil and gas discoveries, now is the time for much-needed regulatory and other reforms, says energy law expert Shakwa Nyambe of SNC Incorporated. “There are some key gaps, particularly in the later stages of the lifecycle of oil and gas projects, after exploration,” commented Nyambe, who previously worked as a legal counsel at the National Petroleum Corporation of Namibia. “We may need separate regulations for development and production, and we need to do that now, because once we reach production it may be…

Chamwe Kaira The Road and Working Rail Group (WG) under the Walvis Bay Corridor Group recently convened a meeting to address several railway line upgrade projects. These projects include the enhancement of the Sandverhaar - Bucholzbrunn railway line along the Trans-Oranje Corridor, improvements to the Kranzberg to Otjiwarongo railway line, and upgrades to the Trans-Zambezi railway line within the Walvis Bay-Ndola-Lubumbashi Development Corridor (WBNLDC). The urgency for these upgrades arises from the deteriorated state of the railway lines, which, due to speed and weight restrictions, have been hampering cross-border trade between Namibia and South Africa. Gilbert Boois, the projects manager…

The Namibia Statistics Agency (NSA) faces challenges in accurately capturing the complete value of tourism in Namibia. This is largely due to the way businesses are categorized, such as the misplacement of airport transport shuttles within the transport category instead of the tourism sector where they rightly belong. This misclassification has led to concerns from various stakeholders who highlight the omission of the entire value chain associated with the tourism sector. “As a result, the sector’s true economic contribution is underestimated in the national accounts. To this end, the Namibia Tourism Board is busy compiling the 6th Edition Satellite Accounts…

In what is good news for uranium producing countries like Namibia, Sweden’s Climate Minister Romina Pourmokhtari has announced plans to lift the country’s ban on uranium mining and make way for greater nuclear energy capacity. The Swedish Parliament has shown majority support for a lift on the ban, according to Pourmokhtari. The government plans to build at least ten large reactors in the next 20 years to meet the demand for low-carbon energy. Swedish Prime Minister Ulf Kristersson told reporters in January that the government is “changing the legislation”, which will increase nuclear investment in the country. Swedish ministers decided…

The introduction of a 24-hour border operation between Namibia and Zambia is anticipated to provide a boost to the operations of the Walvis Bay Port. Officials from both Namibia and Zambia are of the opinion that this initiative, launched at the Katima Mulilo border post this week, will be advantageous due to the increasing trade of imports and exports between the Port of Walvis and Zambia as well as the Democratic Republic of the Congo. The Zambian Minister of Home Affairs and Internal Security, Jack Mwiimbu emphasized the timely and strategic nature of the 24-hour operation’s inauguration at the border.…

The International Air Transport Association (IATA) and the African Airlines Association (AFRAA) has announced that AFRAA is joining the Focus Africa initiative. Focus Africa aims to maximize the contribution of aviation to development across the African Continent by better serving passengers and shippers. Under Focus Africa, private and public stakeholders are committed to delivering measurable improvements in six critical areas - safety, infrastructure, connectivity, finance and distribution, sustainability, and skills development. “AFRAA strengthens the Focus Africa coalition as we work to increase aviation’s role in Africa’s development. This has enormous promise. The continent is home to the world’s most rapidly…