03 Nov 2022

Afreximbank has pledged over P170billion assistance to Botswana to be implemented over the next three years up to 2025.

This was revealed by the bank’s president and board chairman Professor Benedict Oramah at the ongoing Global Expo Botswana 2022. 

He said Botswana presented a great opportunity for Afreximbank to demonstrate what it could do under a visionary government with clear people-centric development priorities.

Through its country programme, the bank would make available to Botswana the Afreximbank Group suite of products, said Prof. Oramah. 

Working in conjunction with government, he said, a joint project preparation facility which could be used to develop projects and bring them to bankability would  be developed. 

“This facility will be available to SMMEs and also support highly skilled Batswana mining and agricultural professionals in developing their businesses and projects,” explained Prof. Oramah.

He said Afreximbank would also  work with Special Economic Zone Authority to develop at least two zones in locations that they would jointly agree on.

 The bank would then support the development and operationalisation of rail infrastructure in those zones to improve  movement of goods and people to and from neighbouring countries,  said the Afreximbank chief.

Prof. Oramah said Afreximbank would be delighted if  government created a facility for encouraging  more indigenous participation in the economy. 

“The facility will have features that will ensure that we reduce the capital constraint to such participation,” he said.

Prof. Oramah said the bank supported commercial agriculture for home consumption and exports to other African economies ‘in the context of the US$2b initiative Afreximbank and the AfCFTA secretariat entered into in July this year.’

 Regarding the automotive industry,  a government priority, Afreximbank would ensure that Botswana benefited from the US$1b Africa Automotive Sector Support Facility it had availed, he said.

Prof. Oramah said Botswana, an Afreximbank founding member, had not advanced on private sector-led opportunities the bank presented as the orientation of the country’s policies did not create such a platform. 

He therefore applauded President Dr Mokgweetsi Masisi  government for having brought about the necessary changes.

The bank, he said, had noted Dr Masisi’s emphasis on SMME development, growing indigenous capabilities, industrialisation and infrastructure that facilitated trade. 

“We have also noted your drive to promote the knowledge and digital economies, including the creative industry,” stated Prof. Oramah.

He said Afreximbank was committed to assisting Botswana to achieve all the goals stated and many more that the country might set in the future. 

The bank would continue supporting Botswana banks to ensure they had access to trade finance and services, Prof. Oramah said. ends