Citizen Enterpreneurial Development Agency (CEDA) and Stanbic Bank Botswana have officially agreed to work together in helping prospective entrepreneurs to safeguard their local and international CEDA-funded projects.
Speaking at the signing ceremony this week, CEDA Chief Executive Officer (CEO) Thabo Thamane, said the partnership came at the right time when the newly revised CEDA Guidelines prescribe that for special sectors (currently manufacturing, mining, construction, energy, technology and innovation, agriculture, creative industry and tourism) CEDA shall take security over assets financed.
“Hence it is vital that assets purchased are delivered in the right specifications, quality and quantity to minimize CEDA’s exposure in case of default,” he said.
Thamane further highlighted the importance of joining hands with Stanbic Bank noting that the bank is a member of the Standard Bank Group and that it has an all-encompassing solution for Africa – China cross-border trade that enables the matching buyers from Africa with suppliers or manufactures in China.
“And this solution is facilitated through the Africa China Agent Proposition (ACAP), which provide buyers from Africa with exclusive access to accredited trade agents in China thus beneficial as CEDA – funded projects will be able to connect with reputable suppliers to ensure seamless trade,” Thamane highlighted.
For his part, Stanbic Bank Botswana CEO Samuel Minter said capital is a problem more importantly in entrepreneurial empowerment. “We understand what CEDA is trying to do in terms of empowering Batswana and we share that sentiment with them as evidently shown by this agreement. Batswana need a fully serviced bank and the ability to do cross-border transactions and this partnership will enhance these as we want to be there in the development of the economy of Botswana,” he said.