Namibia secures ZAR 1 billion African Development Bank Loan for Education Sector
Namibia’s efforts to develop efficient basic, technical and vocational education (TVET) to cater to its development needs has received a boost from the African Development Bank (AfDB) which has approved a *ZAR 1 billion loan to finance the country’s education and training.
The Project is designed to deliver an efficient effective and sustainable Technical, Vocational Education and Training (TVET) system in Namibia that is aligned with current and future skills needs of the labour market.
Specifically, the project will help to increase access, equity and quality TVET and basic education in the country. It will also support the development of basic education and TVET infrastructure in 11 regions of the country and strengthen the TVET and basic education systems through institutional capacity building. On completion, the Project will help reduce youth unemployment estimated at 34% (2016).
The Project will enable the Government to reduce poverty and youth unemployment, national goals specified in Namibia’s Harambee Prosperity Plan; Fifth National Development Plan (NDP5: 2017/18-2021/22); Strategic Plan for the Basic Education Sector (2017/2022), and the TVET Transformation and Expansion Strategy (2016/2032).
It is aligned to the AfBD's Country Strategy Paper (2014–2018) – Private sector development through skills development and improving the regulatory environment necessary to drive the transformation of the Namibian economy.
The Project will be implemented in 60 months with the ZAR 1 billion AfDB loan and counterpart contribution estimated at ZAR 300 million from the Namibia Government.
US$1 = ZAR13.62 as at 5 December 2017