Government Extends N$1.3 Billion Lifeline to Namcor in Financial Rescue Deal

The government has approved a financial rescue plan by allocating N$1.3 billion to assist the financially strained National Petroleum Corporation of Namibia as a short-term solution. Namcor, the national oil parastatal, reported a loss of N$700 million in the previous fiscal year. Despite the Cabinet initially rejecting a bailout proposal in October, Minister of Finance and Public Enterprises Iipumbu Shiimi, in a letter dated November 29, 2023, addressed to Namcor Board Chairperson Jennifer Comalie, stated that the allocated funds aim to stabilize Namcor’s operations.