Since the revision of Citizen Entrepreneurial Development Agency Guidelines in July 2020, the Agency has approved 7400 loans to the value of P850 million.
This was revealed by President Mokgweetsi Masisi this past Monday when he was delivering his fourth State of the Nation Address (SONA) since assuming office in 2018.
These loans are said to have supported agro-business, services, property and manufacturing sectors.
Masisi further said in an endeavour to improve export readiness and capacity of local producers to meet the dictates of export markets, the Botswana Exporter Development Programme (BEDP) was revised in October 2020.
“Initiatives aimed at preparing companies for the export market are ongoing. So far, seven local companies have been supported to attain Fairtrade Certification,” he said.
These certifications are said to enhance product competitiveness and acceptance in international markets.
“We are making progress in providing financial and technical support for business development to promote viable and sustainable SMMEs,” Masisi said in his speech.
Masisi said this was exceptionally executed through the mentoring and fostering of SMMEs to take advantage of opportunities created by the pandemic.
“These Enterprises were also assisted with accessing COVID-19 relief interventions, which included the wage subsidy and the Industry Support loans administered by Botswana Development Corporation (BDC), CEDA and National Development Bank (NDB),” he said.
He said through CEDA funding, Letlhabile programme supported the informal sector.
Masisi further said the Economic Inclusion Bill which was passed by the winter parliament and signed into in October will promote participation of targeted citizens in the economy.
“The objective of the Act is to promote effective participation of targeted citizens in economic activities and facilitate enforcement of the economic empowerment initiatives.”
These initiatives include enabling ownership of land and property.