African Development Bank grants $218 million loan to Namibia, what you need to know

The African Development Bank lends Nambia a loan to help the country finance its budget deficit.

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WINDHOEK (Reuters) – Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the development lender to help the country finance its budget deficit, the finance ministry said on Thursday.

The southern African nation’s economy contracted in the final two quarters of 2017, and by 0.1 percent in the first quarter OF 2018. Its credit rating was cut to subinvestment late last year by Fitch over concerns of a deteriorating fiscal position.

Reporting by Nyasha Nyaungwa; Writing by Mfuneko Toyana; Editing by James Macharia