Stanbic Bank Botswana and BCM unite for CEEP worth P2.25 Million
In order to drive sustainable economic growth and development, Stanbic Bank Botswana has joined forces with Botswana Chamber of Mines (BCM) for a Citizen Economic Empowerment Programme (CEEP) worth P2.25 million.
In a Memorandum of Understanding (MOU) signing ceremony on Thursday March 28th, the two entities announced that the investment will be for three years, running from 2024 until 2026.
The investment is divided into three aspects, with Stanbic Bank expected to provide financial resources in the form of grants worth P500,000 annually to entities that have been identified by BCM and Stanbic Bank as potential manufacturers with confirmed off-takers.
Further, Stanbic Bank will accord BCM and beneficiaries use of its state-of-the-art Accelerate Incubator in Gaborone and provide BCM with P250,000 annually as sponsorship towards the Local Manufacturing Summit.
Expressing excitement over the partnership with BCM, Stanbic Bank Botswana Chief Executive Officer, Chose Modise, said together they will navigate through challenges and seize opportunities to build a brighter and more sustainable future for Botswana.
“The mining industry plays a pivotal role in the economy, serving as a cornerstone of growth, employment, and revenue generation. Recognising its importance, we are committed to playing a proactive role in supporting the sector’s continued success and sustainability. Our strategic partnership with BCM marks a pivotal moment for both our institutions and indeed for the entire mining sector in Botswana. As we embark on this collaborative journey, I am optimistic about the immense potential and opportunities that lie ahead,” said Modise, adding that they are constantly looking for opportunities which drive a growth agenda for Botswana.
Expectation is that the partnership will serve as a catalyst for growth, transformation, and excellence in the mining industry and demonstrate the commitment towards supporting the growth and development of the sector and drive impact.
As the diversification of Botswana’s economy lies in supporting industry development through manufacturing, the partnership is considered a testament to driving growth as it focuses on value chain development and great opportunities for job creation.
“Availing Accelerate Incubator means thought leadership and workshops on industry development can be hosted there. Start-up capital has been identified as one of the key challenges faced by entrepreneurs venturing into manufacturing therefore, through this partnership, we will also provide grant-funding to potential manufacturers identified for support,” added Modise.
BCM provides a forum for discussion of all matters of common interest to the mining sector and to coordinate advocacy activities of the mining industry.
Since inception, its roots have been based on promoting the interests of the mining industry, protecting the image of the industry and contributing positively to the socio-economic development and growth of Botswana.
“We are happy to collaborate with Stanbic Bank in our efforts to drive economic growth and development in Botswana’s mining industry. This partnership will facilitate greater access to financial resources and expertise for mining companies, supporting their efforts to invest, innovate, and operate sustainably. Together, we aim to create a conducive environment for growth and prosperity in the mining sector,” said BCM Chief Executive Officer, Charles Siwawa.