NAMIBIA'S EDUCATION - Fourth Graders At Eros Primary School In Windhoek. The African Development Bank (AfDB) has approv...
The African Development Bank (AfDB) has approved a total of N$ 2 billion ($148 million) in loans to boost Namibia’s education and agriculture sectors, it said on Tuesday.
The funds are aimed at helping reduce youth unemployment by boosting technical and vocational training, and reducing food imports in Namibia, where huge local earnings and state's money poured into the drainage for instance buying tomatoes from others countries, instead grow them locally.
Both the education and agriculture projects will receive additional Namibian government contribution, the AfDB said. The south-western nation’s unemployment rate jumped to 34% of the working population in 2016 from 28.1 % in 2014, the last time a labour force survey was conducted by the Namibia Statistics Agency.
About African Development Bank
The African Development Bank is a parent organization consists the group of organizations. The agreement of establishing the African Development Bank was adopted from the conference at Khartoum in Sudan and signed by member states in 04 August, 1963.
The agreement entered into force on 10 September, 1964. The Bank effectively began its official operations on 01 July, 1966. Its major role is to contribute to the economic and social progress of its regional member countries.
As of 31 December 2011, the African Development Bank has about 78 members who subscribed and 53 independent African countries (regional members) and 25 non-African countries (non-regional members). The institution’s resources that used to assist countries in Africa comes from ordinary and special resources of which most international funding.
According to the statement from the African Development Bank, the United Nations Economic Commission for Africa and the United Nations Development Programme, is the key to unlocking Africa’s potential and advancing its prosperity.
The three agencies have pledged their readiness to support the continent’s pursuit of an African agenda for stronger democratic states and rapid structural transformation that positively impacts on human development.
