Standard Lesotho Bank and its counterparts in the Bacha entrepreneurship today launched the Phase II of this project as way of still fighting the high rate of unemployment among Lesotho youth.
Speaking at this launch, the Chief Executive, Standard Lesotho Bank Mpho Vumbukani said at the time when this project first came into being; they felt they cannot seat back and watch youth unemployment spiral out of control.
“and we were convinced that in order to meet this challenge head on, entrepreneurship in the way because it is becoming increasingly clear that Government alone cannot create employment without the support of private sector and parastatals”, he said.
He went on to add that three years down the line, the situation has not changed and they have again combined efforts to further reaffirm their commitment to say once more,
“We will support entrepreneurship which has potential to change to change fortunes of this country in the struggle against youth unemployment and the economic emancipation of our country,” he pledged.
Meanwhile, revealing few changes that comes with Phase II, Commissioner General, Lesotho Revenue Authority. Thabo Khasipe said
“Unlike when it first started (the project) when the winner would be given total of M500 000 grant, this time they will walk away with M700 000, training will no longer be given to 25 people but 30, four businesses instead of three will be assisted and lastly, this time around not only tertiary graduates are welcomed to bring their proposals but also high school graduates.”
The pilot phase which started in 2015 was set off to assist young unemployed graduates within the ages 21 to 35 to become employers and drivers of economic growth by becoming entrepreneurs. It was looking for viable, sustainable and profitable business proposals that will be financed for a combined start-up capital M500 000.