Africa-Press – Lesotho. To alleviate the high unemployment rate in Lesotho, Standard Lesotho Bank (SLB), Basotho Enterprises Development Corporation (BEDCO) and Lesotho Revenue Authority (LRA) has extended Bacha Entrepreneurship
Project (BEP). Through the launch of Phase III and IV of the BEP, the trio will target youth with existing enterprises with minimum of two years in operation across all sectors.
Speaking at the launch ceremony, SLB Chief Executive Anton Nicolaisen explained that as the leading financial services providers, they have been instrumental in helping improve
the lives of people and businesses in Lesotho in a number of ways. He said SLB is committed to help deserving youth entrepreneurs to start and develop
sustainable businesses. “As a our slogan says “IT CAN BE,” we believe in the power of dreams to make the seemingly impossible come true, we know that the youth have many entrepreneurial aspirations and with
initiatives such as BEP, such aspirations and dreams have a home in our three organizations and they can be nurtured for economic growth,” Nicolaisen informed.
Also speaking at the launch BEDCO Chief Executive Officer (CEO) Idia Penane indicated that to address youth challenges and in fulfillment of its mandate of establishing and
developing Lesotho businesses BEDCO joined hands with the LRA and SLB and introduced BEP in 2014. She mentioned that the aim of the project is to create business opportunities and to instill
an entrepreneurial spirit and culture in youth towards job creation, poverty reduction and the reduction of social vulnerability. “Since its inception, the
BEP has funded 17 youth-owned businesses with a total of M2, 900,000.00 provided by the two partners through a business plan competition. Beneficiaries
of this project are enrolled into a business incubation programme overseen by BEDCO, which provides them with a collection of business support services.
To date, the success rate of the project has been around 70% and it has generated 56 jobs. It has also provided 145 aspiring entrepreneurs with entrepreneurial
skills. The BEP initially targeted unemployed youth, aspiring to be future entrepreneurs, aged between 21 and 35, with first degree as a minimum requirement.
As it progressed the project saw the inclusion of youth with Cambridge Overseas School Certificate (COSC) of the same age range,” Penane noted. She said the implementation
of these two phases will capacitate 50 aspiring youth entrepreneurs and disburse a total of M2, 000, 000.00 to at least 10 businesses through a Business Plan Competition (BPC) and these businesses will then be incubated to
ensure sustainability and growth. Through this round, 10 youth enterprises will be developed and an estimated 30 jobs created. This will go a long way in
addressing the high rate of youth unemployment which has been exacerbated by the Covid-19 pandemic,” Penane enlightened. According to Penane BEP presents a successful example of a collaboration between the private sector and
the public sector in driving job creation amongst the youth towards contributing to poverty reduction and Lesotho’s economic development. She, therefore encouraged more players in the private sector to join hands with them in fighting youth unemployment crises in Lesotho.
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