The Prime Minister, Mr. Samuel Ntsokoane Matekane officially launched the Entrepreneurship Hub and Seed Financing Facility at the event held in Maseru on Thursday.
Speaking during the launch, Mr. Matekane said the government has taken this bold step towards supporting entrepreneurship to ensure broadened economic activity in Lesotho.
He said Lesotho cannot be left behind as nations increase their competitiveness and claim their stake in the fourth Industrial Revolution.
He said with this initiative, they hope to produce entrepreneurs and companies that will have a global footprint, adding that entrepreneurs should utilise opportunities provided by globalisation and the government will help them through this journey.
He added that the Entrepreneurship Hub will therefore steer the economy towards private sector-led economic growth which has been a dream since Lesotho returned to democracy in 1993.
The Prime Minister said they believe that in the next 5 years, they will have local businesses that will be exporting goods and services to all corners of the world.
Moreover, he said the road to the future begins here, noting that the government will continue to support initiatives aimed at creating new industries and supporting entrepreneurship, as these are the key deliverables of the National Strategic Development Plan.
He urged the entrepreneurship ecosystem in Lesotho to work together for the betterment of Lesotho, stressing that the silo mentality should be a thing of the past.
He said they have wasted a lot of time fighting instead of harnessing the energy to build a sustainable economy, saying Start-ups, Enterprise Support Organisations, Government Ministries and Agencies, Development Partners, Academia, Diaspora, Corporates and all other stakeholders this initiative is yours, let us ensure that it serves its intended purpose.
In conclusion, he said a journey of building the capacity of 15 Entrepreneurship Support Organisations (ESOs) and incubating 500 start-ups begins here, and meaningful Diaspora Engagement, as well as sustainable economic development, begins here.
On the same note, the Minister of Trade, Industry, Business Development and Tourism, Mr. Mokhethi Shelile said the Entrepreneurship Hub and Seed Financing Facility aims at strengthening the private sector for the betterment of Lesotho economy, saying with the launch of the Entrepreneurship Hub and Seed Financing Facility, the growth will be seen in the textile industry and small business ecosystems.
Mr Shelile said the Entrepreneurship Hub will facilitate the cost incubation opportunities in regional African markets, saying Seed Financing Facility will provide valuable support to the investors and the start-ups strategically aligning with national priorities.
The CAFI Project Manager, Mr. Chaba Mokuku said the Entrepreneurship Hub and Seed Financing Facility is intended to strengthen the entrepreneurship ecosystems in the country by bringing together various ecosystem players and coordinating efforts of various stakeholders in building coherent entrepreneurship systems.
Mr. Mokuku said the project aims to strengthen the private sector and transform it into an engine of growth, saying the objective of the CAFI project is to increase access to finance for SMEs and entrepreneurs, especially women and youth in the country.
He said the project’s total budget is 52.5 million US dollars comprising 45 million US dollars of a soft loan from the World Bank and 7.5 million as a grant.
The World Bank’s Country Representative for Lesotho, Mr. Yoichiro Ishihara commented the Ministry for this milestone, noting that if there is any financial support, the country will always be supported.
Mr. Ishihara said the idea of the entrepreneur hub is not new, there are similar and the same experiences not only in African countries but also in Asia and the Middle East.
The World Bank funded the newly Launched Entrepreneurship Hub and Seed Financing Facility.
By Staff Reporter: Noliwe Velaphe
