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BDC to invest in projects that speed up economic recovery

HOPEFUL: Kgosidiile

Government-owned investment agency, Botswana Development Corporation (BDC0 seeks to invest in projects that will accelerate the country’s economic recovery process.

The Corporation’s Managing Director, Cross Kgosidiile, says the current operating environment which was affected by COVID-19 has allowed BDC to identify opportunities to undertake as part of the new ‘Beyond 2019’ strategic plan.

“As a result, BDC will invest in projects that will accelerate the country’s economic recovery process whilst ensuring that the economy is better prepared to withstand similar shocks,” said Kgosidiile.

Kgosidiile says despite operating against a background of a turbulent pandemic environment that has negatively affected the global economic outlook; BDC has remained resilient and continues to look forward to executing its transformative strategy.

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Last year, for the financial year ending 30 June 2020, BDC’s Group revenue closed the period at 536 million, 25 percent higher than P427 million registered in the previous period.

The increase is said to have been mainly driven by significant growth in interest income coupled with an increase in the commercial value of properties.

“Interest on loans was the main contributor to the overall positive performance aligned to overall strategic intent to have debt assets as the main source of income at the company level,” stated Kgosidiile.

BDC Group revenue closed the year at P341 million which is a 94 percent growth from P175 million registered in the prior year.

The significant growth is attributed to efficiencies attained on the cost of services from one of the group subsidiaries.

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