The Government Institutions Pensions Fund (GIPF) and the Namibian government are to sign an agreement for a pension-backed home loan facility to enable members to buy houses.

The outgoing Chief Executive Officer, David Nuyoma, paid a courtesy call on President Hage Geingob at State House, who praised him for growing the Fund's portfolio.

nbc News asked him about the possibility of GIPF members using a certain percentage of their pension funds to secure housing, as had been the call by quarters of society.

City of Windhoek and the Development Bank of Namibia signed a loan agreement of N$155 million to finance the construction of the Khomas Intake Substation project.

Developments in residential, commercial, and industrial areas throughout the city have led to an ever-increasing demand for power.

Currently, the existing Nampower Van Eck Substation cannot be upgraded further to accommodate anticipated demand as it has reached its full physical design capacity, which is expected to be surpassed before 2027.