09 Sep 2020

 A memorandum of understanding (MoU) between Citizen Entrepreneurial Development Agency (CEDA) and Stanbic Bank Botswana is expected to boost cross border trade and catalyse small medium enterprises growth in the country.

Speaking at the signing ceremony in Gaborone on Tuesday, CEDA chief executive officer, Mr Thabo Thamane said the MoU aimed at bridging the gap between development and finance banking in order to support and capacitate locals.

Giving the background, Mr Thamane said CEDA has had unpleasant experiences in its cross border transactions.

“These transactions with cross border establishments have not always been pleasing as they were always boggled by problems like non-delivery or poor quality goods,” said Mr Thamane.

To that end, he added, the agreement with Stanbic would go a long way in solving the problems as the bank had an all-inclusive solution for Africa-China cross border trade.

“Through this agreement, CEDA-funded projects will be able to connect with reputable suppliers to ensure seamless trade,” he said.

For his part, the bank’s chief executive officer, Mr Samuel Minta said the collaboration would enable CEDA clients to source their inputs, raw materials and machinery from China with abridged risks and challenges.

“We strongly believe in collaborations with organisations like CEDA, which have a fascinating space through which we can achieve our objectives,” stated Mr Minta.

He said the partnership would facilitate access to markets for CEDA clients through the Trade Club.

CEDA head of strategy Mr Thato Jansen said the partnership would go a long way in stabilising and insulating the SMME sector in line with the country’s economic recovery and transformation plan. ENDS