GABORONE, Feb. 13 -- Botswana has launched a government backed medium to long term export credit insurance product, as part of effort to spur an export-led economy. Karabo Gare, Assistant Minister of Trade and Industry on Thursday, said the product is a new chapter in the provision of government support to entrepreneurs. "Medium and long term export credit insurance product allows Botswana enterprises to expand their businesses and upscale their production and services beyond the borders of Botswana," said Gare. He indicated that the product is expected to facilitate credit and investment for cross-border operations, in line with government efforts to have an export-led vibrant economy. The product gives local companies an opportunity to source financing from local commercial banks guaranteed by government through Botswana Export Credit Insurance, a state owned enterprise. Making a plea to lure foreign owned companies into Botswana, Gare said it's an opportunity for investors to make Botswana their home from where a company or investor can expand into Africa. Xinhua
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