Stanbic Bank Botswana has made a significant commitment to the growth of the local manufacturing industry by investing P250, 000 over the next three years in support of the Local Manufacturing Summit.
This initiative is part of the bank’s broader strategy to bolster an industry that is still in its early stages of development.
The summit, held on 6 and 7 August at the Gaborone International Convention Centre (GICC), centered around the theme ‘Shaping the Future of Botswana’s Manufacturing Sector’.
It brought together key stakeholders from the government, private sector, and academia to explore strategies for advancing the country’s manufacturing capabilities.
This latest investment from Stanbic follows the signing of a Memorandum of Understanding (MoU) earlier this year with the Botswana Chamber of Mines (BCM).
Under the terms of this MoU, Stanbic will provide additional financial support through grants amounting to P500, 000 per year.
These will be awarded to potential manufacturing entities identified collaboratively by BCM and the bank.
Moreover, Stanbic has pledged the use of its Accelerate Incubator to BCM for project facilitation.
This is aligned with the bank’s overarching goal of driving Botswana’s growth while simultaneously advancing the nation’s social, economic, and environmental objectives.
Kushatha Chilisa, Head of Citizen Economic Empowerment Programme (CEEP) at Stanbic Bank Botswana, emphasized the importance of manufacturing as a critical sector for Botswana’s economic growth.
“Manufacturing is not only a substantial revenue generator but also holds the potential to create hundreds of jobs. Our participation at the summit underscores our dedication to fostering economic development and supporting initiatives that lead to sustainable growth,” said Chilisa.
She further highlighted that Stanbic aims to drive the nation’s growth by making strategic investments, fostering innovation, and empowering local enterprises to compete on a global scale.
The Local Manufacturing Summit is recognised as a premier event in Botswana, providing a platform for networking, knowledge exchange, and the formation of partnerships that will be crucial in building a stronger local manufacturing base.
It plays a pivotal role in shaping the future of Botswana’s manufacturing sector, driving industry growth, and promoting manufacturing independence and self-sufficiency.
Chilisa also stressed that Stanbic’s involvement is not just about immediate financial support but about creating long-term sustainable value.
“We believe this offers more sustainable value creation and thus supports greater industry growth and manufacturing independence. This supports the government’s ambitions for greater economic diversity,” she stated.
Chilisa reaffirmed Stanbic’s commitment to contributing to Botswana’s economic prosperity through strategic partnerships and investments that empower local enterprises, support job creation, and stimulate innovation.
