African Development Bank gives $74 million to support Namibia’s education

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CAPE TOWN, Dec 5 (Reuters) – The African Development Bank (AfDB) has approved a 1 billion rand ($74 million) loan to Namibia’s education sector to help reduce youth unemployment by boosting technical and vocational training, it said on Tuesday.

The project, to be augmented with an additional Namibian government contribution of around 300 million rand, will be implemented over 60 months, the AfDB said.

The south-western nation’s unemployment rate jumped to 34 percent of the working population in 2016 from 28.1 percent in 2014, the last time a labour force survey was conducted by the Namibia Statistics Agency.

Namibia’s economy is expected to grow at 1.6 percent this year and by double that in 2018.