December 15, 2022
USADF and the Government of the Republic of Namibia Announce $10 Million Co-funding Partnership to Benefit Rural Namibian Economy during U.S.-Africa Leaders Summit
The U.S. African Development Foundation (USADF) and the Government of Namibia announced a five-year, $10 million partnership as part of the U.S.-Africa Leaders Summit hosted by President Biden from December 13-15, 2022.
Under the partnership, USADF and Namibia’s Ministry of Industrialization and Trade each will contribute $5 million over five years to provide grant investments that enhance and strengthen the competitiveness of small and medium enterprises (SMEs), with special focus on women and youth, to promote and ensure sustainable development of the rural economy in Namibia.
This financial investment represents the two parties’ strategic interest and focus on promoting the development of farmer cooperatives, producer associations, and SMEs in Namibia and increasing their competitiveness in national, regional, and international markets.
The Memorandum of Understanding signing in Washington, D.C. at the U.S. Africa Business Forum of the U.S.-Africa Leaders Summit was attended by the President of Namibia, His Excellency President Hage Geingob, Namibian Minister of Industrialization and Trade Lucia Lipumbu, the ministry’s Director General Obeth Mbuipaha Kandjoze, Namibia’s Ambassador to the United States Margaret Mensah-Williams, and USADF President and CEO Travis Adkins.
“African SMEs are critical to the continent’s post-pandemic recovery and will play a pivotal role in the continent’s overall economic growth,” said USADF President and CEO Travis Adkins. “This partnership between our two nations provides Namibian SMEs with a combination of capital and capacity building support, helping them grow into sustainable enterprises that can create jobs and provide better livelihoods for their employees. Fundamentally, this co-funding collaboration seeks to create jobs, increase incomes, grow revenues, and improve Namibian lives and livelihoods, particularly in rural areas.”
Over the past several years, USADF has focused on securing strategic partnerships with African governments which has allowed it to maximize its impact and reach across the continent. In 2023, USADF plans on investing $56.84 million in Africa, of which $18.2 is leveraged funds from African governments, other U.S. government agencies, and the private sector to implement grassroots development projects and create pathways to prosperity.
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About the United States African Development Foundation (USADF)
USADF is an independent U.S. government agency established by Congress to invest directly in African grassroots enterprises and social entrepreneurs. USADF's investments increase incomes, revenues, and jobs through grant investments and market-based solutions to poverty. USADF creates pathways to prosperity for marginalized populations and underserved communities continent-wide. To learn more, please visit www.usadf.gov.
About the Namibian Ministry of Industrialization and Trade
"Growth at Home" is the theme chosen by the Ministry of Industrialization and Trade to reinforce the importance of accelerating economic growth, reducing income inequality, and increasing employment. The ministry’s programs are geared at removing supply side constraints and increasing the productive capacity and competitiveness of Namibian industry in the domestic, regional, and international markets. The ministry is also responsible for promoting growth and development of the economy through the formulation and implementation of appropriate policies to attract investment, increase trade, and develop and expand the country’s industrial base.