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Namibia on Friday launched the Infrastructure Development and Investment Fund aimed at mobilizing financial resources for infrastructure for a range of sectors in the country.

“The country has a massive deficit of funding for infrastructure. We need to invest in infrastructure to grow the economy, create jobs and to socially and economically uplift Namibians,” said Johannes Gawaxab, chairperson of the fund.

Namibia has so far raised 550 million Namibian dollars (37 million U.S. dollars) for investments in water and energy sources. The country aims to raise about 1.5 billion Namibian dollars in total.

Namibia aspires to become an industrialized country by 2030.