Finance minister Ipumbu Shiimi has today said that the total amount raised from the auction amount to N$ 627,936,827.10 including the application fees.
He said this is equivalent to 100% more or two times when compared to N$315,366,400.0, which could have been raised if the Governmental Fishing Quota was sold at the reserved prices.
“As a result, it has now been proven beyond doubt that the government was right to take a decision to test the market in order to establish the true value of its fisheries resources. With this amount, we are confident that it will go a long way in funding government priority programs such as improving sanitation, hostel facilities and other expenses exacerbated by COVID-19.
This exercise should serve as a reminder to us as a nation that the Government remains committed to ensuring that our natural resources can be utilized for the good benefits of all in different ways. With this, we are proud of what we have raised from this exercise at a time when we are faced with competing demands due to CODVID-19.
The payments by successful bidders are expected to be made to the State Revenue Account ACC 165000 at the Bank of Namibia by the 31st August 2020 not later than 15:H00, as per the requirements of the State Finance Act of 1991. The allocation of the proceeds from the auction will be made to expenditure item during the Mid-term Budget review, and voted for in Parliament as per the State Finance Act, (Act 31 of 1991),” he said.