WINDHOEK, Nov. 2 (Xinhua) -- Namibia has raised about 409 million Namibia dollars (27 million U.S. dollars) from the auction of about 104,000-metric-ton quota of the country's fish after the first sale flopped, Finance Minister Iipumbu Shiimi said on Tuesday.

Addressing lawmakers, Shiimi said the second round auction was a success because a different approach was used.

"After our unsuccessful auction last year, we went back to the drawing board to fine tune the process. To avoid speculative bids that distorted the auction held during 2020, bidders were required to provide a bid deposit or a bank guarantee," he said.

Namibia sold 87,500 metric tons of horse mackerel, 15,948 metric tons of hake and 392 metric tons of monk fish.

The proceeds from the auction will fund government priorities especially in the health sector, which needs additional funds to combat COVID-19, Shiimi said.