Access Bank Botswana has secured a $20 million loan from financial institution the Organization of Petroleum Exporting Countries Fund for International Development (OPEC Fund) to boost support for micro, small and medium-sized enterprises (MSMEs) in the southern African country.
Access Bank Botswana says it will use the loan to improve access to finance for small businesses through the provision of tailored financial and innovative digital banking solutions.
Approximately 30% of the loan will be directed towards supporting women-owned businesses, in line with Access Bank Botswana’s target to expand its support for women enterprises from 20% to 25% of its total MSME portfolio while 70% will help local companies to grow.
Musonda Chishimba, Acting Managing Director of Access Bank Botswana, stated the loan will help “drive sustainable economic growth, reduce unemployment and build a resilient economy for the future.”
According to OPEC Fund Director-General Abdulhamid Alkhalifa, the loan – which represents the OPEC Fund’s first private sector funding in Botswana – in addition to addressing the finance access gap experienced by MSMEs in Botswana, forms part of the institution’s strategy to promote gender equality, financial inclusion and contribute towards the growth and resilience of the Botswana economy.
Source: https://energycapitalpower.com/botswana-secures-20m-opec-fund-loan-to-boost-msmes/
