Lesotho has secured what is being described as the largest foreign investment in its history following the approval of the Kobong Project, a M100 billion (US$6.2 billion) hydropower and artificial intelligence data centre development backed by U.S. company Convalt.
Speaking at the event, Chargé d’Affaires Thomas Hines described the investment as a shift from traditional development assistance toward commercial partnerships.
“This is trade over aid,” Hines said, adding that the investment reflected confidence in Lesotho’s people, resources and economic potential.
Convalt Chief Executive Officer Hari Achuthan said the project would involve approximately US$6.2 billion in capital investment and is expected to generate employment, develop local skills and support long-term economic growth through major infrastructure development.
Once completed, the Kobong Project is expected to transform Lesotho from an importer of electricity into a regional exporter while providing affordable power to manufacturers. The development also aims to establish the country as a regional hub for AI-driven digital infrastructure by capitalising on its favourable climate, abundant natural resources and stable democratic governance.
The U.S. Embassy said it played a key role in connecting Convalt with Government of Lesotho decision-makers as part of its commercial diplomacy efforts. According to the Embassy, the Kobong initiative forms part of commercial partnerships worth US$7.3 billion that it has helped facilitate over the past 18 months.
The Embassy added that American investments are expected to create local employment, comply with environmental and social standards, and operate within the rule of law, reinforcing sustainable economic partnerships between the two countries.
The milestone was celebrated at a ceremony hosted by the United States Embassy in Maseru, bringing together senior government ministers, diplomats and business leaders to mark the launch of a project expected to reshape the country’s energy and digital infrastructure.
Lesotho Government was represented by Minister of Energy and Mining, Hon. Lejone Mpotjoane, Minister of Information, Communications, Science, Technology and Innovation, Hon. Nthati Moorosi and Minister of Environment and Forestry, Hon. Thabo Mofosi.
Source: American Embassy
