The Chief Executive Officer of the Environmental Investment Fund (EIF) says there is a need to unlock a grant investment model that can sustain environmental projects for communities beyond their funding cycle. 

Benedict Libanda said this during an information-sharing session at the Government Information Centre.

Libanda says at least 35% to 40% of the environmentally sustainable projects for communities funded by the EIF face sustainability challenges. 

"Because of capacity and change in governance and others, we are struggling to maintain the sustainability of community projects beyond our funding, and this is one of the things that we want to work on going forward so that we address that because, in the long run, it is a lost investment."

He also revealed that over the past two years, N$72 million has been allocated to the Green Impact Facility, which is a credit facility that provides loans to be used in the areas of renewable energy, sustainable agriculture, and sustainable environment projects, as well as bridge finance for those with tenders in these financing areas. Our target going forward is to move that to about N$100 million this year, and by 2025 we want to move it to N$300 million. Our target is to create employment up to 2000 this year and next year to about 4000."

The fund, Libanda says, has an endowment facility, which is a facility aimed at ensuring the long-term sustainability of the EIF in case of any eventualities. 

"We should have funding set aside for such eventualities, so we have started with our new endowment fund, and so far there is N$40 million, and we want to grow that to N$200 million."

The EIF, through its SDG Namibia One Fund, plans to raise N$20 million for investment in green hydrogen production and supportive infrastructure in Namibia by the 1st of December this year. 

"Our green hydrogen project is not only Hyphen, but we have nine projects to the value of US$21 billion at different stages of development, so this fund is not only for Hyphen but to incubate the green hydrogen sector and also build value chains to transform our economy." 

Since its inception, the EIF has mobilised N$3.6 billion and accessed more than N$900 million worth of grants, of which 200,000 people have benefited so far and created 16,000 full-time and part-time jobs.