Namibia achieves key financial milestones over the past year
via The Namibian4 min read
Namibia has marked significant economic achievements in the last 12 months, including its removal from the Financial Action Task Force FATF greylist, the full repayment of its International Monetary Fund IMF emergency loan, and the redemption of its largest-ever Eurobond. The country exited the FATF greylist last week after addressing all 13 strategic shortcomings in its anti-money laundering and counterterrorism financing frameworks, a process that followed two years of increased monitoring since its placement on the list in February 2024. Minister of finance Ericah Shafudah stated that Namibia gave high political commitment to these reforms. Additionally, Namibia concluded its participation in the IMF's rapid financing instrument program by fully repaying a N$3.9 billion emergency loan, secured during the Covid-19 pandemic, on April 15. This loan, equivalent to N$23 million at its approval in April 2021, supported government financing needs and helped address fiscal pressures. Former finance minister Iipumbu Shiimi noted the funds supported the health crisis response, including vaccine procurement. The country also successfully redeemed its US$750 million about N$14.3 billion Eurobond, issued in 2015, which was the largest single debt maturity in its history. This repayment was facilitated by a sinking fund that accumulated US$444 million around N$8.4 billion and an additional US$306 million about N$5.9 billion financed through local commercial banks, including Standard Ban
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Australian-listed Kazera Global has finalized a N$173 million settlement agreement with Chinese firm Hebei Xinjian Construction regarding the sale of the Tantalite Valley Mine. The mine, located in the ||Kharas East constituency, was initially agreed to be sold to Hebei Xinjian Construction in 2022, but the Chinese firm defaulted on payments. Following arbitration proceedings, Kazera Global announced the agreement, which will see Hebei pay N$173 million over three years, commencing with an initial payment of N$8.2 million. Kazera interim chief executive Richard Jennings stated that this agreement provides a clear path to value recovery and offers enhanced certainty compared to alternative recovery routes. If completed, the total cash receipts will be approximately US$14.6 million, exceeding the original US$13 million consideration from the 2022 sale agreement. Although Kazera was awarded N$196 million in arbitration in May 2025, the company opted for a settlement due to difficulties in recovering the full amount. The mining license remains active, but operations have been paused during the sale and arbitration. Ownership of the mine will transfer to Hebei only after the full payment is received. Tantalite, a key component for smartphones, laptops, and aerospace, is extracted from the mine. Hebei Xinjian Construction had also previously signed a deal with Arcadia Mineral for a plant at the nearby Swanson project, which was cancelled in 2025 due to Hebei's failure to deliver eq
Eco Atlantic Oil & Gas anticipates completing its farm-down agreement with BP Namibia Energy in the third quarter of 2026. President and chief executive Gil Holzman stated that the company is moving forward with the transaction involving BP Namibia Energy Ltd, a subsidiary of BP Exploration Operating Company Ltd, for petroleum exploration licences PEL 97, 99, and 100. Upon completion, BP will pay Eco US$2.7 million in cash and will fund 100% of Eco鈥檚 retained 25% interest, as well as Eco鈥檚 proportionate share of the interests held by the National Petroleum Corporation of Namibia 10% and local partners 5% during the current exploration phase. The maximum aggregate carry by BP for Eco鈥檚 interests across the three licences is US$63 million, with a ceiling of US$21 million per licence. Eco and its partners are preparing for extensive exploration activities, including seismic reprocessing on PEL 97 and a 3,000 square kilometer three-dimensional seismic survey over PELs 99 and 100. Holzman also expects government approvals for the farm-out of PEL 98 to Lamda Energy Pty Ltd in the third quarter of 2026. He noted that 2026 has been a transformative year for the company, with several value-enhancing initiatives underway across its portfolio, and highlighted the return of major international energy companies to Atlantic Margin exploration as reinforcing Eco鈥檚 position in key offshore jurisdictions.
Must ReadNamibia's National Assembly has tabled the 2025 mental health bill, updating the 1973 Mental Health Act to align with modern understandings of mental health, human rights, and community-based care. While the bill integrates mental health into the national development agenda, its effectiveness hinges on comprehensive health system changes. Mental health is recognized as a critical development issue impacting education, labor, productivity, and social cohesion, and is intertwined with conditions like HIV, tuberculosis, and substance use. For the bill to succeed, Namibia needs to strengthen governance and accountability, secure predictable financing for community-based services and workforce development, and integrate mental health into primary healthcare, maternal and child health, and other services. Addressing stigma, misinformation, and workforce constraints through mental health literacy, peer support, and task shifting strategies will be crucial, especially in rural areas. Robust data systems are also necessary to monitor service use, outcomes, and workforce distribution to ensure the law translates into accessible and quality care across the country.