The African Development Bank has approved a US$137-million loan to support Botswana’s post-COVID-19 economic recovery, the bank announced on Friday.
Director general of AfDB’s Southern Africa Regional Development and Business Delivery Office, Leila Mokadem, said the funds, extended under the bank’s Botswana Economic Recovery Support Programme, would be used to enact multi-sector reforms that aim to increase spending efficiency, create jobs and drive inclusive growth in the country.
She revealed that the Botswana Economic Recovery Support Programme has three components, the first of which focuses on strengthening domestic resource mobilisation and mitigating fiscal risks to enhance macroeconomic performance and create fiscal space for spending on social safety nets.
The other components focus on supporting private sector-led agriculture and industry to bolster productivity and value-addition, and increase job opportunities; and offering business development services to micro- and small-enterprises to advance social protection and gender equity.
“The African Development Bank is providing support for reforms to enhance private sector-led agriculture and transformation of the industrial sector,” Mokadem said in a statement.
Mokadem noted that agriculture value-addition has the potential “to serve as a springboard for industrialization and job creation in Botswana.