The African Development Bank (ADB) has approved a $180 million loan to support Botswana government reforms to bolster the country’s economic recovery and fiscal stability.

This second phase of the program will also support measures aimed at easing private sector participation in the economy and promoting industrial development and climate-smart agriculture.

Such measures include several revenue-boosting initiatives and setting up a public procurement regulatory authority.

The program will also fuel industrial transformation and private sector-led agriculture. This will be achieved via a national policy on agricultural development and transformation, as well as improvements to the facilitation of investment, the African Development Bank added.

Furthermore, the program will boost the policy framework for micro, small and medium enterprises and promote the implementation of a technical and vocational training policy.

The bank also stated: “The program will directly benefit several government ministries, departments and agencies. Prominent among these are the Ministry of Finance, Ministry of Minerals and Energy, Ministry of Agriculture and Ministry of Trade and Industry, as well as the revenue service and the agencies tasked with overseeing private sector development. Businesses, including MSMEs, will benefit, particularly those in agriculture and manufacturing. The program is also expected to have a positive impact at the national level, particularly for women and youth.”

The initiative is in line with the bank group’s 10-year plan (2013-2022) and the so-called High Five strategic priorities, particularly ‘Industrialize Africa’ and ‘Improve the quality of life of the people of Africa.’