02 Aug 2015

Small and Medium Enterprises (SME) have proven to be important drivers of economic growth and employment creation across the world, says Barclays Bank Botswana managing director, Ms Reinette van der Merwe.

Ms Van de Merwe said this during the ground breaking ceremony of the Watershed Piazza Mall Phase II in Mahalapye on Friday (July 31).

She said Botswana was not an exception as research has shown that nearly 90 per cent of all registered businesses were SMEs, and employ over 300 000 people both formally and informally.

She explained that it was for this reason that Barclays Bank Botswana has seen it fit to play in this sector as demonstrated by the transformation within their business segmentation from local business banking to small and medium enterprise banking. She said the segment was now resourced to cater for the needs of small and medium businesses.

She said because of streamlining they have started to bear fruit as shown by the recent financing of the project to the tune of P55 million for the acquisition of a loan from CEDA and the subsequent construction of phase two of the mall.

Ms Van de Merwe said Watershed Piazza Mall would continue to play a significant role in nurturing other SMEs as they occupy available spaces for the continuity and growth of their respective businesses.

She said it would also create employment during construction and after it was re-launched.

She said Barclays Bank was proud to be associated with the development as it resonates with their mission of helping their customers achieve their ambitions in the right way.

Furthermore, the managing director recognised the contribution that was played by other organisations such as CEDA who financed the project from the start-up phase.

She said it was a testament that demonstrates that both development financial institutions and commercial banks have a role to play in developing businesses in the country, and that Barclays Bank views this as a milestone partnership.

For his part, the area MP, Mr Joseph Molefe commended Barclays Bank to have invested on the project and taking Mahalapye to greater heights.

Mr Molefe said Barclays Bank has face lifted the area which would be recognised as a mini town.He also thanked CEDA for demonstrating their mandate of growing the economy and uplifting the lives of Batswana.

CEDA funded phase I of the mall which is now operational with P30 million. Ends