Chinese investment in Namibia grows to $4.6b

"The issue was how to raise the funds. The ministry had the budget, but it could not release the funds on time.

"However, the Chinese company said that was not an issue; they could provide the funds to start the construction, and the Namibian government could repay at a later time," he was quoted saying then.

China was also considering building a modern highway for Namibia connecting Hosea Kutako International Airport with Katutura, Windhoek's sprawling township, to improve the local traffic infrastructure.

Ambassador Xin said this project was expected to cost more than $100 million.

"In China we have a saying: If you want to be rich, it's better to build a road. When people connect with each other, they acquire new ideas," he said.

According to Xin, the Chinese government was working on at least 10 new projects for Namibia, spanning various sectors such as transport, education and health.

"In line with the Agreement on Bilateral Economic and Technological Cooperation, China provided Namibia with free aid of $29 million in 2013 and $16 million to date this year," the ambassador noted.

By far the most prominent milestone in Chinese investment came in the form of the joint venture between Chinese State-owned company China General Nuclear Power Corporation (CGNPC) and Namibian state-owned mining company Epangelo Mining, with Epangelo's acquisition of a stake in the Husab Uranium mine.

With CGNPC's total long-term investment of $5 billion, Husab Mine will make Namibia the second largest uranium producer in the world, providing 2,000 permanent jobs and 4,000 temporary jobs while contributing at least 5 percent to the Namibian GDP growth.

Chinese companies are also planning to invest in maize and tobacco farming in the Zambezi region.

"The environment in Zambezi is very good and the land is fertile. The companies are now doing the preparatory work. Once the project starts, it will create jobs for 5,000 young people," the ambassador stated.

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