The Minister of Industries, Mines and Energy, Modestus Amutse, denied claims that NAMCOR received bail-outs from foreign entities.

This clarification follows concerns raised by IPC MP Ferdinand Hengombe seeking clarity on the matter.

“Namcor was not bail-out by any foreign institution. And that arrangement never took place. So what happened actually is that the government itself took over whatever was supposed to bail-out NAMCOR.

And it was actually the government that attended to the financial needs of NAMCOR. And not any foreign institution,” Amutse said.