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UNITED STATES OF AMERICA INVESTED 5.7 BILLION IN LESOTHO
United States of America invested 5.7 billion in Lesotho
12 April 2024 | 10:50

The Prime Minister honourable Sam Ntsokoane Matekane officially launched the entry into force of the Millennium Challenge Compact II at the event held in Thaba-Bosiu on Thursday.

Speaking at the event, the Prime Minister said the Compact II, which was given the new Sesotho name " Leboela la Seepa Meri" will go a long way in promoting economic growth, job creation and better health for Basotho.

He added that the $300 million fund injected in the project, which is approximately M5.7 billion is the major boost for Lesotho's investment programme and brings confidence to potential investors who are looking for opportunities and better life.

He further said through the second Compact, the country will see access to services and opportunities for everyone especially women, youth, persons with disabilities and other marginalised groups

The PM further said the Compact which comes at a point when Basotho commemorate 200 years has a potential of creating 4000 jobs, assuring the government of the United States of his commitment in ensuring that every dollar invested in this programme will be used for the benefit of Basotho.

He also acknowledged the dedication of all those who contributed to ensure the compact became a reality.

Speaking at the same event, the Minister of Finance and Development Planning Dr Rets'elisitsoe Matlanyane reiterated that the programme came when the economy of the country is in a critical point.

She indicated that through this programme, the country will invest in various projects for a period of five years which include amongst others, the multi -dollar infrastructure and health system strengthening project.

She added that it will not only promote irrigation infrastructure but will improve livelihoods and empower farmers with modern techniques.

She also said once completed, it will contribute towards reduction of food imports and improve job creation.

On the other hand, Millennium Challenge Corporation Deputy Chief Executive Officer Ms. Chidi Blyden said the US government is one of Lesotho's oldest partners and has supported her through key initiatives such as the President's Emergency Plan for AIDS Relief and the African Growth and Opportunity act which has supported a thriving trade partnership.

She added that Lesotho has also been a longstanding partner of MCC since 2008 with a $362 million investment, saying together with the $300million invested by MCC and $22 million by the government of Lesotho in compact II, they will spur development and financing for businesses, invest in irrigation and agricultural production to improve climate resilience, particularly for local farmers and improve the delivery of healthcare to hundreds of thousands of Basotho people.

US Charge d Affairs Keisha-Toms Boutaleb said the enactment of the Labour Code Amendment Act and Occupational Safety and Health Act amongst others signified Lesotho's commitment to ensure the success of the implementation of the Compact.

Meanwhile it is expected that the programme will start offering some of the services this year and finances will be used by the first quarter of 2025.



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