Afreximbank and LNDC Host Workshop to Boost Project Preparation and Investment in Lesotho

The event focused on addressing investment gaps in project preparation and emphasized the crucial role of project preparation in unlocking investment opportunities.

The African Export-Import Bank (Afreximbank) and the Lesotho National Development Corporation (LNDC) co-hosted a significant Joint Project Preparation Facility (JPPF) workshop in Maseru, Lesotho on June 21, 2024. The workshop, themed "Leveraging Project Preparation to Boost Trade and Investment in Lesotho," drew participation from key government ministries, industry leaders, policy makers, regulators, and commercial bank representatives.

The event focused on addressing investment gaps in project preparation and emphasized the crucial role of project preparation in unlocking investment opportunities. It aimed to highlight the challenges faced by project developers and sponsors and how project preparation facilities can aid in overcoming these challenges by facilitating access to financing.

Mr. Zitto Alfayo, Head of Project Preparation at Afreximbank, representing Mrs. Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development (IATED), Afreximbank, underscored that such initiatives are pivotal in promoting industrialization and export development in Lesotho. These efforts are aligned with Lesotho's National Strategic Development Plan II, aimed at fostering sustainable growth in priority sectors.

LNDC Interim CEO, Mr. Molise Ramaili, noted that the collaboration is part of LNDC's strategy to enhance competitiveness through partnerships and leverage the strengths of economic development players at both local and regional levels. He urged the Lesotho private sector to actively engage with LNDC and Afreximbank to advance their projects towards bankability and investment readiness.

The workshop follows the establishment of the JPPF partnership between Afreximbank and LNDC in November 2022. This partnership's goal is to increase the number of investment-ready projects in Lesotho, thereby attracting private sector investment and addressing prevalent infrastructure and investment gaps.