WINDHOEK, Aug. 9 (Xinhua) -- Namibia is set to auction the bulk of its fishing quotas to the highest bidder at an international auction to generate urgent foreign currency fund to fight COVID-19, Fisheries Minister Albert Kawana said Sunday.

The government in need of financial resources on an emergency basis to mitigate the impact of the pandemic is in the process of auctioning off its governmental objective fishing quota to foreign fishing companies, Kawana said in an official letter to Matti Amukwa, chairman of the Confederation of Namibian Fishing Associations.

"We do not produce medicines in Namibia nor do we manufacture medical equipment. Therefore we are forced to compete for medicines and medical equipment on the international market. In order to obtain these items, we have to buy them with foreign currency," Kawana said.

As requested by the industry during a consultation meeting on July 27, 40 percent of hake and horse mackerel "will be reserved for Namibian operating companies with the view to preserve employment. In this regard, local companies will be permitted to compete for 40 percent reserved for them," Kawana added.

The minister said that 72,000 metric tons of horse mackerel and 11,000 metric tons of hake are available for local companies, and 392 metric tons of monk fish is available for auction to the highest bidder.

He said 70 percent of the 40 percent reserved for local companies will be sold to companies with sea based factory vessels. Enditem

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