The loan agreement will support the African country’s governance programme, which aims to support public financial management and improve the quality and efficiency of public spending.

It also supports efforts and reforms within the national policy and legal systems, including a public private partnership act, a revenue act and public procurement regulations.

The AfDB said: “The bank’s intervention will improve revenue collection, enhance efficiency in public spending, improve debt management and enhance investment facilitation framework for industrial and [enterprise] development.”

The agreement between the AfDB and the Finance Ministry brings the banks support to Namibia to $1.11bn.