EIF Mobilises N$3 billion
The Environmental Investment Fund of Namibia says it has attracted and mobilised more than N$3 billion in the past 11 years.
The EIF was officially launched on 13 February 2012 by the then President, Hifikepunye Pohamba.
Since then, the Fund, which primarily source funding from multilateral and developmental funding institutions and partners, has disbursed grants totaling more than N$583 million – one of its most visible impacts.
Furthermore, more than 240,256 hectares of land have been conserved, 71 grants have been approved for various environmental projects, and more than 950 job opportunities, mostly rural and seasonal, have been created.
EIF retrofitted 169 boreholes, benefiting over 77,000 people who now have access to potable drinking water, and received N$820 million from Agence Française de Développement (AFD) for a concessional Green Credit Line with a participating commercial bank under the SUNREF project in Namibia.
The EIF plays a critical role in ensuring the sustainable use of all of the country’s natural resources, as well as the fair and equitable distribution of benefits that result.
The mission of the Environmental Investment Fund of Namibia (EIF) is to “provide a sustainable source of funding to support environmentally sound development in Namibia and do so in a manner that complements programmes and actions of both the public and private sectors.
“The EIF is grateful to our stakeholders and the Board of Directors who play a significant role in its growth as the Environmental Investment Fund of Namibia. We are proud to share that eleven (11) years since its establishment, the EIF is today one of the fastest-growing green and climate financing institutions in Africa,” said the Fund’s Spokesperson Lot Ndamanomhata.
He further noted that their multi-stakeholder approach enables them to create and sustain value in their work.
Last year the EIF celebrated its 10th anniversary under the theme of 10 years of ensuring inclusivity and the fund will continue to build on existing achievements as it looks forward to another ten years of sustainable growth.
The Green Climate Fund (GCF) has financially supported the EIF of Namibia with an amount of more than N$640 million in grants for climate-change adaptation interventions in Namibia.
In most cases, Ndamanomhata says these activities happen in rural communities, and their directives to the EIF, which is a state organ, has been for the entity to target rural communities for developmental initiatives.
The year 2022 also saw the EIF attaining its re-accreditation from the GCF.
The re-accreditation for a further five-year period came after the initial five-year period lapsed in June 2021.
“This re-accreditation is an indication that the EIF remains committed to its mandate, which is serving our clients with distinction and upholding our mission of securing environmental sustainability of Namibia,” he asserted.
The EIF’s first strategy (2012-2016) was aimed at positioning the Fund as a key player in the environmental and climate change financing to the amount of N$1 billion and the second strategy (2018-2022) aimed at consolidating the gains and capitalise on mobilising resources, growing financial services of the Fund, and striving for sustainability has led to the EIF mobilising N$ 3 billion since inception and up to date.
Ndamanomhata highlighted that collaboration with key stakeholders continues to be a major activity and has brought in new potential business opportunities to the EIF.
“As we celebrate 11 years of the Environmental Investment Fund’s existence and its relentless pursuit for excellence, one cannot help but look ahead with optimism to what the future holds and invite the rest of Namibia’s population to be a formidable partner towards sustainable development of the resources of Namibia for the benefit of all Namibians. We say, cheers to another 11 years of commitment and excellence.”