Mbumba calls for easier access to international financing

President Nangolo Mbumba says developing countries like Namibia should have easy access to international financing to meet their national development plans.

He says international financial architecture requires some reforms.

“We must ensure that developing countries have easy access to international finance to achieve their national development plans and to realise the United Nation Sustainable Development Goals by 2030,” Mbumba said on the second day of the ninth Forum on China-Africa Cooperation Summit in Beijing yesterday.

He said the country is on its way to ensuring food self-sufficiency in the crops subsector.

Mbumba said the government plans to establish agro-processing centres all over Namibia.

“The centres are being established to add value to our agricultural produce, develop new products, contribute to economic activities in remote areas and stimulate economic growth,” he said.

According to the president, the centres will also encourage local production, particularly in the rural areas, for the youth, cooperatives and farmers.

However, for these centres to be a success, Mbumba said the country would need to acquire affordable small-scale technologies, equipment and tools.

Namibia is faced with the worst drought in 100 years.

Minister of agriculture, water and land reform Calle Schlettwein said this at the World Water Forum in Bali earlier this year.

Mbumba said given the country’s good relationship with China, Namibia could take a few lessons from the country’s rapid industrialisation.

“Given our excellent relations with China, the African continent can draw valuable lessons from China’s development trajectory,” he said.

Additionally, the president said the role of international institutions, particularly the United Nations (UN), is vital in addressing these challenges.

“The UN has the collective responsibility to address international challenges and offer solutions for industrialisation and agricultural modernisation,” Mbumba said.

Chinese president Xi Jinping has pledged 360 billion yuan, equivalent to almost N$945 billion, to Africa over the next three years.

Speaking during the second day of the summit, Xi said this was to strengthen ties with the continent.

Xi said more than half of US$50 billion would involve credit, while about US$11 billion would be provided through various types of grants.

The pledge also includes US$10 billion in investments through Chinese firms, the Chinese president said.

The summit is expected to deliver new policies and cooperation agreements to set the stage for China-Africa relations in the next three years.