- Bank distributes over P1 billion to SMEs
- Looks to issue first ESG bond in Botswana
Absa Bank Botswana said it has invested heavily in the mining industry over the years as part of its effort to promote local players in the mining sector value chain.
The bank invested over P1.4 billion, according to Managing Director, Keabetswe Pheko-Moshagane when speaking at the Mining Thought Leadership Forum.
She asserted that Absa has remained committed to the industry even during uncertain times. Absa, Pheko-Moshagane said, continues to promote local players in the mining sector value chain through its Enterprise Supply and Development (ESD) programme.
“It is through the ESD programme that Absa Bank Botswana has disbursed over P1 billion to SMEs and trained close to 3,000 enterprises as part of capacity building initiative,” she said.
“We have, therefore, enabled these SMEs to create 1,329 jobs to date.”
In addition, she said sustainability is not just a buzzword to the bank, but a strategic imperative that Absa actively embeds in its operations. Pheko-Moshagane said Absa’s ambition is to become a market leader in sustainable finance.
To this end, Absa recently published its P2 billion Note programme in the market that caters for green, social, and sustainable bonds which will pave the way for the bank to issue the first ESG bond in the Botswana market. The Absa MD said the bank is alive to the fact that the mining industry is at a crossroads.
“We face unprecedented challenges and opportunities that require us to think differently, act decisively, and lead with purpose,” she said.
She said this calls for new ways of mining that respect the environment, uplift local communities, and fuel sustainable economic growth. Giving a presentation at the forum, Botswana Chamber of Mines CEO, Charles Siwawa said Botswana is endowed with a lot of minerals and should be able to use those minerals to develop the country.
“However, minerals are valueless while underground,” said Siwawa. “You need to take them from underground and be able to offer them to the market.”
He said it is, therefore, important to put efforts into extracting these minerals from below the surface. In addition, Siwawa said there is a scope to add value through processing and finished products to the market.
