The Minister of Finance and Public Enterprises, Ipumbu Shiimi says the coming into force of the Codes of Good Practice is an important step in promoting economic growth and encouraging local investment in the country.

Shiimi said this at the launch of the Codes of Good Practice, aimed at promoting, facilitating and strengthening the implementation of the empowerment and industrialization policies of the government.

A N$2 billion loan towards economic development programs will see about 350 jobs created in Namibia through water and road rehabilitation projects.

This comes after Namibia and Germany signed financial cooperation agreements to support key infrastructure development.

The projects entail the construction of a second direct potable reclamation plant in the central area of Namibia and support for projects under the water sector support program at a cost of N$746 million and N$932 million, respectively.