Maseru – The Ministry of Small Business, Cooperatives and Marketing will help Basotho to access 50 Million Maloti and participate in business and economic growth of the country as expected.
The Director of Small Business Development, Mr. Setlaba Monaheng said this when addressing members of the civil society organisations at a meeting held in Maseru after presentation of the 2017/18 Budget.
Mr. Monaheng reminded the Organisations that included the business community and farmers that the money was introduced in 2011 as a Partial Credit Guarantee Scheme and kept reflecting in Budget Speeches year after year, but reports show it has been difficult for Basotho in Micro, Small and Medium Enterprises MSMEs to access it.
Government signed a Memorandum of Understanding with commercial banks on the establishment of a 50 Million Maloti Partial Credit Guarantee Fund in May 2012, as a fund meant to facilitate access to finance for the MSMEs by providing guarantee to enterprises that do not have access to credit.
According to Mr. Monaheng the Ministry hosted Technical Experts from the World Bank last week to assist the Ministry with expertise on dealing with constraints that make it difficult for the MSMEs to access the fund.
He added that the Ministry will forge partnership with the Lesotho Post Bank, which already plans to establish a Farmers Department, to help promote agricultural production in the country, and allayed the fears of those who took part in the meeting that the 50 Million Maloti is still available and they will be assisted to access it.