The country is looking to learn from Namibia’s experience in transforming its environmental investment fund into a major financing vehicle capable of mobilising billions of Emalangeni for sustainable development.
This follows Cabinet’s approval of the transformation of the Eswatini Environment Fund, with the Environmental Investment Fund of Namibia (EIF) currently assessing how the local fund could be strengthened and scaled up.
Yesterday, Prime Minister Russell Mmiso Dlamini received a courtesy visit from a delegation from the EIF of Namibia, led by its Chief Executive Officer Benedict Libanda, who is in the country to assess the country’s potential to develop a mega environmental fund.
The delegation briefed the Prime Minister on Namibia’s experience in establishing and expanding the EIF, which has mobilised approximately E27 billion since its establishment in 2012.
The EIF is funded by the Namibian Government, with the mandate to tap into local conservation fees and environmental levies.
These funds are used to invest in the protection of the environment, its biological diversity and ecological life-support functions, as well as the promotion of sustainable natural resource use for economic development by supporting green and environmental enterprises.
During yesterday’s meeting with the Prime Minister, Libanda said the Namibian fund had financed projects across several sectors, including sustainable agriculture, particularly drought-resistant crops and livestock, waste management, biodiversity conservation, marine projects, renewable energy and carbon markets.
The EIF also collaborates with commercial banks to de-risk lending and improve access to finance for individuals and businesses implementing sustainable development projects.
Libanda further revealed that the fund had recently secured US$1 billion, about E17 billion, from the Climate Investment Fund.
The Prime Minister welcomed the insights from the Namibian delegation and expressed appreciation for the EIF’s experience and expertise.
