SACU Members Agrees to Deploy N$5 billion to New Fund

 

By: David Shoombe

 

The 9th Summit of the Southern African Customs Union (SACU) Heads of State has agreed to establish a Regional Innovative Funding Mechanism with an initial capitalisation of N$5 billion spread over the 2027/28 and 2028/29 Financial Years.

The Heads of SACU States, including Namibia’s president, Netumbo Nandi-Ndaitwah, met in Cape Town last week, according to the updates from SACU Secretariat.

They have directed that further technical work should be undertaken to establish the fund’s governance and management arrangements, recapitalisation, access criteria, project pipeline or profiling, establishment of a network of DFIs and the private sector, legal requirements, hosting arrangements, and opportunities to mobilise additional sources of funding.