BDC assets reach P1Bn

FREDERICK KEBADIRETSE
Staff Writer | Monday November 15, 2010 00:00

 

Speaking at the anniversary celebrations, BDC Managing Director (MD), Maria Nthebolan, said the corporation has come a long way since its inception as the government's investment arm in 1970.

She said apart from its core mandate of financing projects, the achievements of BDC over the last four decades are countless and include helping in job creation, thus playing an important role in poverty alleviation as well as coordinating skills transfer to locals.

Nthebolan said over the years, they spread their wings investing in various sectors like the service industry, car rental services, the agricultural sector where it helped establish Talana Farms. It is remarkable how the BDC's assets have grown, from a mere P755, 000 in 1971 to over P1 billion in 2010. Nthebolan said despite these achievements, they will not pull back and think they have done enough but will continue in their commitment to helping the business community achieve its goals. 'These independent achievements are indeed worth celebrating, but we are not going to stop there because I believe where one success story ends starts another,' she said. The guest of honour was the Minister of Finance and Development Planning, Kenneth Matambo, a former BDC MD himself. Matambo commended BDC for soldiering over the hurdles it has faced since its inception to pose a very impressive performance currently. He said BDC plays a very important part in the country's economy, with its strong position as a financier and investment leader. 'Impressive results of the corporation clearly call for celebration as success must be celebrated,' Matambo said.

As an investment arm of the government, BDC is fully committed to implementing government strategies towards poverty eradication and the corporation continues to prosper in that aspect. He said by committing to this, BDC became one of the frontrunners in endorsing the government's Economic Diversification Drive (EDD). However, he warned the BDC to always be alert to take challenges head on as they will always prevail along the way. He said the corporation, just like any business entity, is no exception to challenges as they just recently experienced one in the just-ended economic recession.

Matambo said other challenges BDC is facing include competition for bankable projects and unavailability of land for business. The minister urged BDC to continue attaching itself to principles of corporate governance to ensure smooth operation into the future.

BDC was established in 1970 as the country's main agency for commercial and industrial development. The Botswana government owns 100 percent of the issued share capital of the Corporation. It has over the years funded some successful projects, among them Lobatse Clay Works (LCW) and Golden Fruit Juice in Ramotswa. It also owns the Lion Park Resort near Gaborone.