More IFSC companies to start operations

In the 2008-2009 budget speech on Monday, the minister said that since its inception in 2001-2002, the IFSC has accredited 39 companies, 19 of which are already operational.

"A further nine are expected to commence operations during 2008. In July last year, government published regulations to underpin the International Insurance Act of 2005, in that way making Botswana an attractive location from which a wide range of insurance services can be provided to non-residents and in currencies other than the pula. "The introduction of these regulations will also allow the Botswana IFSC to attract companies interested in setting up reinsurance or captive insurance business in Botswana," said the minister.