China, Namibia sign economic, technical co-op deal

China and Namibia signed a multi- million-dollar economic and technical cooperation agreement on Monday, pushing forward the ties between the two countries to a new level.

The agreement, valued at 150 million Chinese yuan (about 25 million U.S. dollars). will see Namibia utilize the donated Chinese fund to develop its infrastructure and education in the following three years.

Signing the agreement on behalf of the Chinese government, Chinese Ambassador to Namibia Xin Shunkang, said that China is willing to share its experiences in social reform and economic development with Namibia, promising more assistance in the years to come.

Tom Alweendo, Director General of Namibia's National Planning Commission, expressed gratitude from the Namibian side.

"The money will be utilized over three years in areas of construction, transportation, housing and also education. We hope that we can speed up the implementation of the agreement as soon as we sign it," said Alweendo, who also cited a recent multi- billion-dollar port expansion contract between a Chinese company and the Namibian Port Authority as a sign of good bilateral relations.

Alweendo also expressed the government's hope to elevate the relationship by having more Chinese foreign direct investment (FDI) .

"Because we believe that we can build the economy much bigger and much faster with Chinese foreign direct investment coming to Namibia," he said.