Namibia receives a $138.5 million loan from the World Bank

The World Bank announced on Tuesday that it has granted a $138.5 million loan to assist Namibia in strengthening its transmission network and integrating renewable energy projects into the grid.

Namibia, one of the driest nations in Sub-Saharan Africa with an abundance of sunshine and wind, aims to establish itself as a hub for renewable energy in tandem with the significant offshore oil and gas discoveries that have made the nation a global center for exploration.

“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” said in a statement Satu Kahkonen, Namibia’s country director at the World Bank.

This will be Namibia’s first World Bank-financed energy project, and the loan will be utilized by the national electricity utility NamPower as it works to wean itself off of electricity imports from neighboring nations.

Namibia is pursuing a $10 billion green hydrogen project, which, when finished, will be exported to the European Union, in addition to new solar and wind projects.