Local banking giants, First National Bank Botswana (FNBB) and diamond miner, Debswana Diamond Company, have teamed up to leverage the mining value chain opportunities to support local business growth, increase citizen participation and diversify the economy including the support of locally manufactured products which will in turn create sustainable job opportunities.
The five-year strategic partnership will be carried out under the Debswana Citizen Economic Empowerment Programme (CEEP) to provide funding to suppliers to Debswana.
“The FNB/Debswana partnership offers existing and prospective Debswana contractors a holistic banking solution with access to funding for growth and expansion. In addition, the collaboration shows a strong commitment of the institutions toward import substitution, economic diversification and sustainable job creation,” FNBB chief executive officer, Steven Bogatsu said.
Debswana’s acting managing director, added: “There will be a Botswana 50 years from now, an even better one, to the young ones and to the not so old, I say look at that horizon, follow the rainbow and go ride it.”
According to a press release, the strategic deal will come up with opportunities for Citizen Owned businesses to participate in Debswana multimillion pula procurement for meaningful citizen economic participation via the Debswana procurement process, access to funding and holistic banking solutions through FNBB and enterprise capacity building support for participating entities. Through this partnership, Debswana Business Partners who have been awarded contracts will be able to access the Special Fund by FNBB.
“……FNBB and Debswana look forward to this impactful partnership, as there is a constant need to support local suppliers and bring them to the forefront, particularly as the country continues to build a resilient economy through the ongoing pandemic.”