WINDHOEk – Namibia’s stock of foreign reserves increase to 29.7 billion Namibian dollars (N$) or $2.48 billion at the end of December 2017, up from N$28.5 billion ($2.38 billion) at the end of November, the Bank of Namibia has announced.

The central bank attributed the increase in the level of reserves mainly due to inflows from the Southern African Customs Union (SACU) and the second disbursement of an African Development Bank loan during the review period.

The southern African country announced in May that it had secured a N$10 billion ($830 million) loan from the African Development Bank to finance its budget deficit and infrastructure projects. The loan will be distributed over a two-year period with N$6 billion ($500 million) allocated for budget support, while N$4 billion ($333 million) will be used to finance infrastructure in sectors such as transport and renewable energy.

Xinhua