In the margins of COP27, EIB President Werner Hoyer signed a Joint Declaration with Namibia’s President Hage Geingob, in relation to a potential loan of up to €500 million financing renewable hydrogen and renewable energy investments. During the same event, EC President Ursula von der Leyen and President Geingob signed a memorandum of understanding between the EU and Namibia on renewable hydrogen and critical raw materials.
Check against delivery
President von der Leyen,
Prime Minister de Croo,
Ladies and gentlemen,
We are pleased to be part of this event today. The European Investment Bank has a long-standing relationship with Namibia. We started to support your country back in 1992 … and now it is time to step up our support!
Namibia is blessed with some of the world’s best renewable resources and has the potential to become a sub-Saharan clean energy powerhouse with a dynamic and green economy. With the Harambee Prosperity Plan II, you have already set the right priorities – sustainable, green and inclusive growth.
The EIB, as the EU Climate Bank, is committed to supporting you on this journey – this is what the declaration, we just signed, is about! We stand ready to help you to harness your wind and solar resources and finance the projects that will set you on the way to becoming a green economy and an exporter of clean energy. This will not only help to combat climate change, but also support Namibia`s economic development and global energy security.
Green hydrogen will play a special role here. Not only will it be the basis for Nambia`s industrialisation and a potential cornerstone for developing a sustainable export economy, it will also provide much-needed energy for the region. Moreover, green hydrogen from Namibia could also play a crucial role in assisting Europe on its path to net zero.
The development of a green hydrogen economy in Namibia will bring Namibia and Europe closer together - as partners.
This Joint Declaration is the first tangible fruit of the Memorandum of Understanding just signed between Namibia and the EU.
With its signing today, we will be begin working together towards the implementation of a loan to the Government of Namibia of up to 500 million euros to support the development and implementation of sustainable energy projects and investments in the country. These will include, among other things, the development and construction of key infrastructure that will enable delivery of the assets necessary to produce and export renewable hydrogen, solar and wind power.
This loan could also be accompanied by a non-reimbursable grant of five million euros from the European Union that EIB Global would mobilise.
We at the EIB will commit all our efforts to make this partnership a success and green projects a reality in the country.
Let’s get to work!