WINDHOEK, July 19 (Xinhua) -- The Namibian Government has secured a loan of 3 billion Namibian dollars (223.14 million U.S. dollars) from the African Development Bank (AfDB) to support its national budget, the bank said Thursday.
The loan is intended to strengthen public financial management, improve public sector spending, and boost industrialization by supporting business environment reforms.
It is the second tranche in a two-year series. The previous one helped reduce the budget shortfall and improve the country's liquidity situation.
Finance Minister Calle Schlettwein announced last year that Namibia had applied for a loan of 10 billion Namibian dollars (726 million dollars) from AfDB to bridge budget shortfalls and finance development projects.