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PEO Creates Over 1000 Jobs |
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After about ten years in existence, PEO Venture Capital, a Debswana and De Beers partnership, has created over 1200 jobs and funded 59 projects in the country.
The Chief Executive Officer of De Beers Botswana who is also the chairperson of the PEO Board, Ms Sheila Khama, has said the intention of PEO is to seriously develop the spirit of enterprise in Botswana.
Speaking at a workshop organized by PEO on Outsourcing As a driver For Business Development last week in Gaborone, Khama said PEO had succeeded so far in nurturing entrepreneurs.
She said the challenge in Botswana is to nurture the spirit of entrepreneurship – she said this has to be given more attention than generating profit.
According to Khama Botswana has a small market and it is critical that entrepreneurs cultivate a captive market and help in the skills development process.
She said the shareholders of the Fund are committed to promoting and facilitating the development of commercially viable businesses in Botswana.
She explained that PEO is a venture capital fund owned by De Beers Botswana and Debswana Diamond Company established in 1997. PEO support the development of business in Botswana through funding in the form of equity and debt finance. “Finance through equity gives PEO the opportunity to be more involved in the running of the business with a view to mentor the entrepreneurs,” she said.
The objectives of PEO are to support citizen entrepreneurs, the development of commercially viable businesses, contribute towards the creation of employment and facilitate the transfer of entrepreneurial skills as well as promote beneficiation.
So far over P30 million has been invested in projects; close to P8.5 million on equity basis while over P21 million has been invested as debt finance.
Khama said about 80% of the funded businesses are profitable. PEO has had 65% success in disinvestments.
BY AUBREY LUTE
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