World Bank Group Applauds Development Progress in South Africa and Namibia
A delegation of the World Bank Group’s Board of Executive Directors (EDs) recently visited South Africa and Namibia, noting significant progress in achieving development goals and reaffirming their commitment to support these nations. The visit, which took place from July 7-13, offered a platform to assess ongoing projects and discuss the evolution of the World Bank Group’s relationship with these countries.
In South Africa, the delegation observed the country’s shift from a non-borrowing client to borrowing over $1 billion annually from the World Bank. South Africa now holds the largest IFC portfolio in Africa and the Multilateral Investment Guarantee Agency’s (MIGA) second largest on the continent. The delegation met with Finance Minister Enoch Godongwana and Minister of Electricity and Energy Kgosientsho Ramokgopa. Key site visits included the Komati power station, where they examined the Eskom Just Energy Transition Project, and the Addo Elephant Park, which features the innovative Wildlife Conservation Bond. The delegation also engaged with the IFC-supported Trust for Urban Housing Finance and BioVac Institute, which manufactures vaccines locally.
In Namibia, the World Bank Group is preparing a new Country Partnership Framework (CPF) with the government, strategically guiding its support as the engagement continues to grow. The World Bank recently approved a $138.5 million renewable energy and transmission loan to NamPower, marking Namibia’s return to borrowing after 15 years. The delegation met with Finance and Public Enterprises Minister Ipumbu Shiimi and key stakeholders, including development partners and the private sector. They visited informal settlements near Windhoek to gain insights on housing issues, a sector where the IFC is investing and which the government has identified as a priority for World Bank Group engagement.
Matteo Bugamelli, the World Bank’s Executive Director representing countries including Albania, Greece, Italy, and Portugal, expressed optimism about the progress in South Africa and Namibia. He emphasized the World Bank Group’s commitment to helping these countries address challenges such as unemployment and inequality, welcoming the increased financing to support much-needed reforms.
The World Bank Group’s Board of Executive Directors consists of 25 members representing 189 member countries. The Board is responsible for the general operations of the Bank, making decisions on loans, credits, grants, policies, and financial matters. The delegation included Executive Directors such as Abdulaziz E A Almulla, Ayanda Dlodlo, Floribert Ngaruko, Katharine Rechico, and Tauqir Shah, as well as Alternate Executive Directors and Mercy Tembon, World Bank Vice President and Corporate Secretary.
This visit highlights the World Bank Group’s dedication to fostering inclusive economic growth and job creation, helping South Africa and Namibia overcome common challenges such as poverty, unemployment, and inequality. The engagement signifies a strengthened partnership focused on knowledge and financing to support these nations’ long-term development goals.
