The Minister of Finance and Public Enterprises, Ipumbu Shiimi, has directed public entities not to enter into financial agreements that exempt lenders from the required tendering processes as stated in the Procurement Act.

Nedbank Namibia's Managing Director, Martha Murorua, has urged local businesses to align their recovery programs with those of the government aimed at reviving the economy.

Murorua made these remarks at a Nedbank economic breakfast panel discussion in Swakopmund.

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.

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.