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Namibia launches sovereign wealth fund following oil discoveries

Oil Namibia Hage Geingob Shell TotalEnergies

President of Namibia Hage Gottfried Geingob speaks during the United Nations Climate Change Conference COP26 in Glasgow, Scotland in 2021 [File: Hannah McKay/AP]

Namibia launched a sovereign wealth fund, months after oil discoveries by oil giants TotalEnergies and Shell off its coast.

At the launch in the capital Windhoek on Thursday, President Hage Geingob said the Welwitschia Fund would get an initial injection of 262 million Namibian dollars ($16.3m) and invest 2.5 percent of its portfolio locally to bridge the country’s infrastructure financing gap.

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