Letshego, MCM seal P2.2bn deal
Pauline Dikuelo | Monday March 20, 2023 06:00
Through the Memorandum of Understanding signed on Thursday, Letshego’s support will provide exclusive access to funding for MCM citizen-owned business partners.
The CEEP initiative is designed to contribute to the country’s socio-economic development and also ensure the development of robust service industries that can service mines in Botswana as well as export these services in future.
Commenting on the development, Letshego Botswana’s acting CEO, Letso Gaborekwe said the partnership will enable Small and Micro Entrepreneurs (SME) to gain easy access to the capital required for completing high-value projects competitively, at the best quality and within agreed timelines.
“Working capital requirements have been an inherent issue that haunts most small business owners despite (them) being the engines of entrepreneurial growth, employment creation, and economic development,” he said. “Through the partnership, SMEs will be able to obtain financing from Letshego Botswana under the mine’s Supplier Development Programme which is part of the CEEP.”
For his part, MCM CEO Edwin Elias said the partnership will enable financial support through Letshego Botswana’s Purchase Order and Working Capital Finance for Micro and Small Entrepreneurs contracted to the mine.
“As we take on the global realm of the energy sector as a sustainably profitable business, we have been intentional in setting up our CEEP that serves our citizen-owned business partners. “We see ourselves growing together with partners such as Letshego Botswana, as we share the values and collective promise of Achieving Prosperity for All Batswana as espoused in Vision 2036,” he said.
SMEs continue to serve as an engine of growth in Botswana’s economy and have increasingly assumed a greater role towards the economic development and recovery of the country.