MCM business partners to get ABSA funding opportunity
Absa Bank Botswana signed a Memorandum of Understanding (MoU) with Morupule Coal Mine (MCM) to give the mine’s business partners an opportunity to access funding through a P500 Million pledge by the Bank.
Through the MoU, the two entities continue to leverage opportunities to support and fund more citizen-owned companies, in line with the citizen empowerment agenda. To date, the partnership has assisted nine SME’s and the facilities approved include commercial asset financing, overdrafts and purchase order financing.
Morupule Coal Mine Chief Executive Officer, Edwin Elias said the MoU between MCM and Absa underpins the confidence that the two entities have in the unlocked potential that citizenowned SMEs possess. “We take on the global realm of the energy sector as a sustainably profitable business. Beyond our employee value propositions, we have been intentional in setting up our Citizen Economic Empowerment Programme that speaks to our citizen-owned business partners. We see ourselves growing together with partners such as Absa Bank Botswana, as we share in the values and collective promise of Achieving Prosperity for All Batswana as espoused in Vision 2036.”
Absa Bank Botswana, Managing Director, Keabetswe Pheko-Moshagane said in recognising the role played by local businesses at Absa Bank Botswana, enterprise development is one of their top priorities. “As part of our Citizenship agenda, we remain committed to helping local businesses find a way to get things done by strengthening the skills, capabilities and processes that support them.”
She highlighted that the bank has funded over half a billion worth of assets to SMEs within the mining and retail industry value chains and this has led to over 1000 jobs directly created through the SMEs funded. The bank has also contributed to training 3,300 SMEs through various trainings provided. “We look forward to the opportunities that our partnership with Morupule Coal Mine brings to the SME industry. We remain committed and steadfast in taking big and purposeful actions to support their growth.”
As part of the Bank’s commitment to improving the long-term sustainability of SMEs, the Enterprise and Supply Chain Development (ESD) programme, Absa bank will also provide capacity building to SMEs. This includes support through mentoring, coaching, training, and expert support. Moreover, SMEs have access and usage of the ESD Centre’s meeting rooms, workstations, internet, and office equipment such as photocopiers, telephones, and fax machines, which the Bank hopes will ensure that SMEs have the requisite basic infrastructure and needs to operate day to day.