Mmegi

LETSHEGO, MCM LAUNCH JOINT CEE SCHEME

BY SUN REPORTER

As Citizen Economic Empowerment (CEE) drive swings across the local economy, Letshego and Morupule Coal Mine (MCM) have answered a call to the economic transformation wave.

The two companies have signed a financial support deal to micro and small entrepreneurs (MSEs) and drive citizen economic empowerment.

Under the agreement, Morupule Coal Mine’s contract suppliers, will have an opportunity to access affordable funding through a commitment of a P2.2 billion facility by Letshego Botswana over a period of five years.

According to the companies, the facility is in consideration of the current economic climate, where MSEs have been hardest hit.

“Beyond our employee value propositions, we have been intentional in setting up our Citizen Economic Empowerment Programme that speaks to our citizenowned business partners,” said MCM Chief Executive Officer, Edwin Elias.

Letshego Botswana and MCM have commited to hiving off contracts, empowering and providing ongoing financial support to entrepreneurs, giving the potential for scaling up their operations.

“It is always great news when a small business secures a lucrative order, however, most MSEs do

not have adequate liquidity to fulfil large orders, especially when there are multiple orders on the table.

“Almost every month, high working capital requirements are an inherent issue that haunts most small business owners,” said Letshego Botswana’s Acting Chief Executive Officer, Letso Gaborekwe.

Gaborokwe further said MSEs are an engine of entrepreneurial growth, employment creation and economic development.

According to the World Bank, SMEs make up 35percent of the GDP and contribute 75percent to formal sector employment and are significant contributors to national economic development in Botswana.

BUSINESS

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2023-03-22T07:00:00.0000000Z

2023-03-22T07:00:00.0000000Z

https://enews.mmegi.bw/article/281930252223860

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