ENVIRONMENTAL INVESTMENT FUND OF NAMIBIA CELEBRATES 12 YEARS OF PIONEERING GREEN FINANCE

Windhoek, Namibia, [13 February 2024] – The Environmental Investment Fund of Namibia (EIF) joyfully commemorates its 12th anniversary on February 13, 2024, under the theme "Empowering Innovation for a Sustainable Tomorrow." Established in 2001, the EIF stands as Namibia's response to the global call for green financing and has evolved into one of Africa's most dynamic green and climate financing institutions.

"Empowering Innovation for a Sustainable Tomorrow" reflects the EIF's commitment to fostering creativity and advancements for long-term environmental and social sustainability. It signifies a dedication to encouraging innovative initiatives and strategies that address current and future challenges, ensuring a positive impact on both the environment and society.

Impacts to Date:

The EIF's impact since inception is commendable, having disbursed grants exceeding N$2.3 billion, conserved over 240,256 hectares of land, approved 71 grants for various environmental projects, created more than 950 employment opportunities (mostly rural-based), and retrofitted 169 boreholes, benefiting over 77,000 individuals with access to portable drinking water. The EIF has attracted and mobilized over N$3.6 billion from multilateral and developmental institutions, showcasing remarkable growth from an initial N$15 million balance to a portfolio worth N$3.6 billion.

Green Hydrogen Initiatives - SDG Namibia One

In collaboration with the Government of the Republic of Namibia, the EIF spearheaded SDG Namibia One, securing a EUR 40 million grant from the Dutch Government during COP27. This transformative investment platform, centered on green hydrogen, aims to drive Namibia's energy transition and position the nation as a renewable energy hub. Invest International's anchor investment of €40 million kickstarts the SDG Namibia One Fund, with plans to grow it to €1 billion (N$ 17.8 billion). This fund empowers the Namibian government to strategically invest in projects that bolster the local green transition, fostering economic growth, job creation, and the utilization of green hydrogen.

Green Impact Facility

Marking the Environmental Investment Fund's 12th anniversary, the Green Impact Facility (GIF) stands as a catalyst for change. Designed to unite stakeholders, from Development Finance Institutions to Philanthropic Organizations, GIF innovates through blended finance for untapped SMEs. In operation since March 2023, GIF strategically allocated its NAD 72 million capital, collaborating with reputable Fund Managers like Kongalend Financial Service and Bellatrix SME Finance. With 95 approved loans, GIF champions Financial Inclusion, creating 533 jobs and financing projects in Renewable Energy, Sustainable Agriculture, and more. GIF's impactful journey empowers households, nurtures sustainable agriculture, and fuels SME growth.

SUNREF

The SUNREF initiative, a Euros 45 million (N$820 million) green credit line from the French Development Agency (AFD), catalysed transformative changes during its impactful four-year operation. Administered through local banks—Bank Windhoek, First National Bank of Namibia, and Nedbank Namibia—the EIF played a pivotal role in hosting the project's technical assistance facility. This success not only demonstrated SUNREF's efficacy but also positioned EIF favourably to attract additional funding from the Green Climate Fund (GCF).

Closing in May 2022, the SUNREF credit line was a powerhouse, deploying over N$820 million to advance renewable energy, sustainable agriculture, and eco-friendly tourism. The highlights of SUNREF's achievements are vivid, ranging from powering the Vingerklip Lodge in the Kunene Region with a N$3.8 million solar system to fostering sustainable agriculture at Avagro in the Erongo Region with a N$10 million infusion. Additionally, a notable N$111 million investment went into the construction of a 5-MW solar power plant in Rosh Pinah, bolstering the renewable energy landscape in the //Kharas Region. This legacy underscores SUNREF's tangible contributions to green initiatives and sustainable development in Namibia.

Green Climate Fund

The Environmental Investment Fund of Namibia (EIF) secured accreditation from the Global Climate Fund (GCF) in 2016, acting as a direct access entity for country-level program delivery. This accreditation marked a pivotal role in EIF's accomplishments over the past twelve years. Post-reaccreditation in 2022, EIF targets raising N$1.5 billion by 2026 through GCF, aligning with national development goals for a sustainable green economy. While positioned to drive these objectives, EIF seeks additional support to enhance its capacity for increased grant funding access. The re-accreditation affirms EIF's alignment with global standards, recognized after a comprehensive institutional review by the GCF. Notably, EIF's achievements include leveraging over N$640 million for climate action grants, notably funding impactful projects like Climate Resilient Agriculture, Empower to Adapt, Improving Rangeland and Ecosystem Management, and Ecosystems-Based Adaptation. This commitment underscores EIF's dedication to environmental sustainability, serving Namibia's communities with distinction, and fostering a resilient future.

Focus for the Future

The EIF's future focus includes investing in nature, mobilizing financial resources for sustainable solutions, scaling up investment strategies, balancing financial returns with environmental impact, leveraging corporate investments for conservation, and aligning efforts with the Sustainable Development Goals (SDGs). It also involves advocating for policy changes, utilizing technology for sustainable development, empowering communities, and promoting inclusive financial systems.

Expressing Gratitude

The EIF expresses heartfelt gratitude to the Government of the Republic of Namibia, the Board of Directors, and all stakeholders who have played a significant role in its growth. The multi-stakeholder approach remains instrumental in creating and sustaining value in the EIF's impactful work.

As the EIF celebrates 12 years of success, it looks forward to a future where innovation continues to drive sustainability, making a lasting impact on Namibia's environmental and economic well-being.

About the Environmental Investment Fund of Namibia (EIF)

The Environmental Investment Fund stands as Namibia's robust response to the pressing global demand for green financing, sculpted by the impactful Environmental Investment Fund Act, Act 13 of 2001. Pioneering sustainable development, it has swiftly emerged as one of Africa's premier green and climate financing institutions. Envisioning itself as a trailblazer, the EIF strives to be a recognized leader in innovative financing mechanisms, committed to inclusive development for all Namibians. As a national entity and environmental fund, the EIF fervently invests in projects safeguarding Namibia's natural resources, harmonizing environmental preservation with sustainable economic development.

A distinguished player on the global stage, EIF holds the distinction of being among the 24 entities worldwide dedicated to this cause. Furthermore, it proudly earned the accolade of being the first in Southern Africa to access climate finance directly from the prestigious Green Climate Fund ("GCF"). The EIF's resounding success is reflected in its global fundraising triumph of over N$ 3.6 billion, channelling a substantial N$ 2.3 billion into diverse climate-related projects within Namibia. For a deeper insight, visit https:// www.eif.org.na.

For more information contact:

Lot Ndamanomhata

Manager Corporate Communications

Environmental Investment Fund of Namibia (EIF)

Tel: +264 811601846/+264614317706

Email: LNdamanomhata@EIF.ORG.NA