Commercial Bank launches ‘ComBank GIG+’ to power growing digital workforce

The Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.

ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.

ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.

By formalising banking access for this segment, the Bank enables freelancers and digital professionals to transform their foreign income flows into structured foreign income streams. The account is positioned to serve as a gateway to a broader suite of financial services, enabling customers to access savings, credit, and investment solutions based on their foreign currency income and established financial track record.

Chief Operating Officer Hasrath Munasinghe said: ‘The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.’

The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country. Through ComBank Digital, eligible customers can now have their PayPal withdrawals credited directly to their ComBank GIG+ Account, providing a secure, convenient and seamless way to receive overseas earnings and manage them through a dedicated banking solution.

In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.

By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.

Mindanao earthquake death toll rises to 65, says OCD

The death toll from the magnitude 7.8 earthquake that shook Mindanao last week has risen to 65, as of 6 a.m. on Monday, June 15, Office of Civil Defense (OCD) deputy administrator Raffy Alejandro said in a press briefing.

Thirty-six were reported missing, and 1,400 were reported injured from the earthquake in the Davao Region and Soccsksargen, Alejandro added.

The magnitude 7.8 earthquake struck 32 kilometers southwest of Maasim, Sarangani at 7:37 a.m. on June 8, triggering multiple aftershocks across parts of Mindanao.

As of 6 a.m. on June 15, the number of affected individuals was 624,000, or roughly 161,000 families, in 432 barangays in the regions impacted by the tremor, according to Alejandro.

Of the 624,000 individuals affected so far, around 57,000 people were taking shelter outside evacuation centers, while 14,200 individuals were taking shelter inside 37 evacuation centers across the affected regions.

Alejandro also noted that the value of the damage on public and private infrastructures has reached P1.13 billion so far.

‘Our response and relief operations are continuous alongside all government agencies,’ he added. /mr

Individuals in gov’t web defacement already identified – Matibag

The National Bureau of Investigation (NBI) has already identified individuals suspected of defacing government websites in the past few days, NBI Director Melvin Matibag confirmed on Monday.

The websites of the NBI, the Senate and the House of Representatives were defaced in three separate occasions over the weekend.

Asked whether there is information on the culprits, Matibag said: ‘We have identified the person involved. Different individuals but belonging to the same group.’

He later clarified that different people supposedly executed the ‘illegal’ defacement, but they are all from the same group.

Matibag declined to disclose the identities of the potential suspects, saying they still have to further look into the cybercrime before making recommendations for case filing.

The director also assured that there were no sensitive data affected by the defacement.

Cybercrime Investigation and Coordinating Center Dir. Renato Paraiso detailed that the ‘cyberhackers’ may be held liable for computer manipulation and malicious mischief. /mr

Phivolcs: Over 6,100 aftershocks after magnitude 7.8 Mindanao quake

A total of 6,144 aftershocks from the magnitude 7.8 earthquake that shook Mindanao last week have been recorded as of 11 a.m. on Monday, June 15, the Philippine Institute of Volcanology and Seismology (Phivolcs) said. Of the 6,144 aftershocks, 78 were felt across the affected regions, Phivolcs director Teresito Bacolcol said during a press briefing via teleconference with the National Disaster Risk Reduction and Management Council (NDRRMC).

The magnitude 7.8 earthquake struck 32 kilometers southwest of Maasim, Sarangani, at 7:37 a.m. on June 8, triggering multiple aftershocks across parts of Mindanao. /mr

Beyond Business School: Realities of entrepreneurship in modern world

Business schools have played an important role in shaping entrepreneurs, managers and corporate leaders across the world. They provide knowledge in finance, marketing, management, strategy and organisational leadership. Many successful entrepreneurs and executives have passed through prestigious business institutions where they acquired technical and theoretical understanding of business operations. However, entrepreneurship in the modern world now extends far beyond the walls of business schools.

While formal education remains valuable, the realities of entrepreneurship often require lessons that cannot be fully taught in classrooms. The entrepreneurial journey involves uncertainty, resilience, creativity, emotional intelligence, adaptability and practical experience. These qualities are developed not only through academic learning but also through real-world exposure, failure, experimentation and continuous personal growth.

In today’s rapidly changing global economy, entrepreneurship has become more dynamic than traditional business education alone can accommodate. Technology, artificial intelligence, digital transformation and changing consumer behaviour have altered the rules of business. Entrepreneurs are now expected to think beyond conventional frameworks and adapt quickly to evolving environments.

Business schools traditionally focus on structured learning. Students study case analyses, market theories, financial models and management principles. While these are important foundations, entrepreneurship often operates in unpredictable situations where there are no perfect formulas. Real entrepreneurs must make decisions with limited information, uncertain outcomes and changing market conditions.

One of the biggest differences between business school education and real entrepreneurship is risk. In classrooms, mistakes are often theoretical and controlled. In entrepreneurship, mistakes can lead to financial losses, damaged reputations and business failure. However, failure in entrepreneurship also becomes a teacher. Many successful entrepreneurs developed their strongest skills through setbacks and challenges rather than academic success alone.

Entrepreneurship also demands creativity that goes beyond textbooks. The modern entrepreneur must identify opportunities where others see problems. This requires observation, innovation and the ability to connect with human needs. Some of the world’s most successful businesses emerged because entrepreneurs solved everyday challenges in unique ways.

The rise of digital technology has further changed the entrepreneurial landscape. Today, a young entrepreneur can launch a business from a smartphone, build a brand through social media, sell products online and reach international customers without owning a physical office. Digital entrepreneurship has reduced many traditional barriers and created opportunities for millions of people worldwide.

As a result, entrepreneurship is becoming increasingly decentralised. Knowledge is no longer confined to lecture halls and academic institutions. Entrepreneurs now learn from online platforms, mentorship communities, podcasts, webinars, digital courses and practical experiences. Information is more accessible than ever before.

This shift does not reduce the importance of business schools, but it highlights the need for a broader entrepreneurial mindset. The future entrepreneur must combine formal knowledge with practical adaptability. Academic qualifications alone are no longer enough in a world driven by innovation and rapid change.

Another important aspect of entrepreneurship beyond business school is emotional intelligence. Entrepreneurs work with people from different backgrounds, cultures and perspectives. Building strong relationships with customers, employees, investors and partners requires empathy, communication and leadership skills. These human-centred qualities are often developed through experience rather than theory.

Furthermore, entrepreneurship is deeply connected to resilience. Many businesses fail within their first few years due to poor planning, financial difficulties, market competition or economic instability. Entrepreneurs must therefore develop the ability to recover from disappointment and continue moving forward despite setbacks. Resilience cannot be fully taught in classrooms; it is built through real-life experiences and personal determination.

Entrepreneurship also requires ethical responsibility. In the pursuit of profit, some businesses neglect integrity, fairness and accountability. However, sustainable entrepreneurship depends on trust. Customers and investors are more likely to support businesses that demonstrate honesty, transparency and social responsibility.

Modern consumers are becoming increasingly conscious of the values behind the brands they support. Businesses that contribute positively to society often build stronger reputations and long-term customer loyalty. Entrepreneurship today is therefore not only about making money but also about creating value and positive impact.

Beyond business schools, entrepreneurship is also becoming a tool for solving social and economic problems. Across Africa and other developing regions, entrepreneurs are creating innovative solutions in agriculture, healthcare, education, renewable energy and financial technology. These businesses are not only generating profits but also improving lives and strengthening communities.

Young entrepreneurs in particular are driving much of this transformation. With access to technology and digital platforms, many young people are creating businesses that challenge traditional systems and introduce new ideas. Their creativity and adaptability are reshaping industries and influencing economic growth.

Women are also playing increasingly significant roles in entrepreneurship. Female entrepreneurs are building successful enterprises across sectors such as fashion, technology, healthcare and education. Supporting women-led businesses through mentorship, funding and policy support can contribute greatly to inclusive economic development.

The rise of artificial intelligence and automation is another factor reshaping entrepreneurship. AI tools can now assist businesses in marketing, customer service, data analysis and operational management. Entrepreneurs who understand how to combine technology with human creativity are more likely to remain competitive in the future economy.

However, technology alone cannot replace the human side of entrepreneurship. Machines may improve efficiency, but they cannot fully replace vision, intuition, empathy and leadership. Successful entrepreneurship still depends on human understanding and meaningful relationships.

Another reality beyond business school is the importance of networking and mentorship. Many entrepreneurs succeed because they build strong professional relationships and learn from experienced individuals. Mentorship provides guidance, practical insights and encouragement that formal education may not always offer.

Entrepreneurial success is also influenced by mindset. Some individuals possess academic qualifications yet struggle to take initiative, while others with limited formal education build highly successful businesses through determination and practical wisdom. This shows that entrepreneurship is as much about attitude and character as it is about technical knowledge.

Governments and educational institutions must therefore rethink how entrepreneurship is taught and supported. Entrepreneurial education should move beyond theory to include innovation labs, practical projects, mentorship programmes and digital skill development. Students should be encouraged not only to seek employment but also to create opportunities for themselves and others.

The future of entrepreneurship belongs to individuals who are adaptable, innovative and willing to learn continuously. In a rapidly evolving world, success will depend less on memorising theories and more on solving real problems, embracing change and understanding human needs.

Ultimately, business schools remain important, but entrepreneurship cannot be confined to classrooms alone. The real world of entrepreneurship is shaped by experience, resilience, creativity and continuous adaptation. Beyond business school lies the deeper reality of entrepreneurship: the courage to take risks, the vision to create solutions and the determination to transform ideas into meaningful impact.

True entrepreneurship is not simply about earning profits or obtaining degrees. It is about creating value, empowering communities and shaping the future through innovation and purposeful leadership.

Why imported fuel landing cost is cheaper than Dangote gantry price -Marketer

FOLLOWING the recent debate on the landing cost of imported fuel being cheaper than Dangote Refinery’s gantry price, one of the industry’s stakeholders and former Chairman, Major Energies Marketers Association of Nigeria (MEMAN), Mr Adetunji Oyebanji, has explained that product specifications determine the price.

According to him, Dangote gantry price is higher, because it is producing higher product specifications for export.

To be able to export product to Europe and the United States, he said that specifications must be of higher standards to what are allowed by import to Nigeria.

Oyebanji pointed out that imported fuel is cheaper because the specification is not the same, but that the product specification must be in conformity with the Nigerian law.

‘Difference in price depends on specifications. I believe that Dangote is producing higher specification because it has to export. And the export specification to be able to export to Europe and US, is a higher standard to what is allowed by import into Nigeria.

‘So by definition, it is cheaper. It shouldn’t be but that is what it is. It’s cheaper probably, the product spec is not the same. But that is what the Nigerian law required,’ Oyebanji said.

‘The second thing is that import is not allowed on a whole scale, but on certain specifications. Also, there are export specifications to places,’ he said.

He argued that if the Nigerian government should allow more import, such decision will force Dangote to reduce price.

‘If you allow more import, it will force Dangote to reduce price. But because of low import, Dangote, being the dominant in the market, will be the one dictating the price. The only thing that can bring price down is regular competition in the market,’ he said.

Before the last reduction, Dangote Refinery gantry price was higher than imported fuel landing cost, according to data from the Energy Bulletin of Major Energies Marketers Association.

On June 02, data from MEMAN revealed that the landing cost was N1,118.75 per litre while the gantry price of Dangote Refinery was N1,250 per litre.

The data showed that the landing cost of diesel was N1,470.38 per litre; the gantry price of diesel for Dangote Refinery was N1,700 per litre. Landing cost of ATzIK was N1,426.24 per litre while Dangote’s gantry price was N1,650 per litre.

Meanwhile, Nigeria reverted to being a net importer of petrol in May, after imports surged to the highest level in four months, highlighting the country’s continued dependence on foreign fuel supplies, despite the presence of Dangote Refinery.

According to Argus Media, new market data showed that petrol deliveries into Nigeria averaged 57,000 barrels per day in May, while exports stood at 23,000 barrels per day. The development reversed the country’s net export position recorded in March and April, when local supply exceeded imports.

Industry data indicated that the increase in imports was largely driven by maintenance activities at the 700,000 barrels-per-day Dangote Refinery in Lekki.

The refinery’s Residual Fluid Catalytic Cracker (RFCC), a critical unit responsible for gasoline production, underwent maintenance during the month, affecting output and creating the need for additional fuel imports.

The temporary reduction in local production prompted marketers and refiners to source more petrol from Europe, which supplied Nigeria’s entire import requirement in May. Norway emerged as the largest supplier, followed by Italy and France.

Data also showed that both the Nigerian National Petroleum Company Limited and Dangote Refinery participated in fuel imports during

the period. NNPC imported approximately 11,000 barrels per day, while Dangote accounted for 27,000 barrels per day. The figures underline the unusual situation in which the refinery remained both the country’s largest producer and one of its biggest importers of petrol.

The increase in imports came after the Nigerian Midstream and Downstream Petroleum Regulatory Authority approved substantial import allocations for the second quarter of the year.

Report has it that no fewer than six independent marketers received permits to import petroleum products to support domestic supply.

How ‘Beyond the Tray’ conference redefined hospitality skills, reinforce dignity

The saying that a successful event does not end at the planning stage and that the true mark of professionalism lies in the execution and actualisation of that vision holds.

It goes without doubt that waiters remain one of the most essential touch points within the event and hospitality industry. It is therefore in recognition of this fact that the Association of Professional Party Organisers and Event Managers of Nigeria (APPOEMN) put together a conference that brought together over 1,000 waiters in Lagos, Nigeria, not only to celebrate their invaluable contributions but also to refine their hospitality skills and reinforce the dignity, professionalism, and excellence required within the profession.

The training with the theme ‘Beyond the Tray: The Power Behind Service was put together by the association to commemorate International Waiters’ Day.

Speaking at its training and empowerment session, Babatunde Olawuyi, vice president of APPOEMN, said that there is a need to recognise waiters and service personnel as critical stakeholders in Nigeria’s hospitality industry, adding that their roles go beyond merely serving guests on occasions.

Olawuyi said that the association is committed to changing the mindset of workers in the sector and helping them understand their importance in the event business value chain.

According to him, many people in the profession have failed to see waiting and hospitality services as a career path capable of growth and leadership opportunities.

He stated the association has taken it upon itself to reorganise and reorient practitioners in the sector in order to eliminate mediocrity and promote professionalism.

The vice president noted the initiative was aimed at helping participants build confidence, discover purpose, and understand that their current position does not define their future.

‘The impact is to change their mindset, help them build confidence, and make them realise they are an important part of any business they find themselves in,’ Olawuyi stated.

Adeola Sessi-Traore, the education director of the association, said the body is intensifying professional training and industry collaborations to ensure event practitioners in Nigeria meet global standards.

She said the Association remains committed to equipping its members with the knowledge and professional competence required to compete internationally.

According to her, the association places strong emphasis on education, standardisation, and continuous learning to strengthen professionalism within the industry.

She explained that it is focused on ensuring that practitioners are properly trained and guided by internationally recognised best practices in delivering services.

‘For us, we are very big on standards and ensuring that we have international laws and everything to guide us,’ she said.

Sessi-Traore, while explaining the inspiration behind the programme theme, said the association decided to focus on waiters and hospitality service providers because of their critical role in customer experience and event success.

She noted that while the event industry is built around service delivery, the association wants professionals within the sector to go beyond ordinary service and embrace excellence, impact, and professional growth.

On her part, the special guest of honour, Bolatito Elizabeth Okolie, chief executive officer of Bonnix Drinks, called on waiters and other hospitality professionals to embrace continuous learning, professionalism, and innovation to remain competitive and relevant in the evolving hospitality industry.

She described hospitality as more than service delivery, noting that it involves creating memorable experiences, building human connections, and maintaining high standards of professionalism.

‘Hospitality professionals remain at the forefront of customer satisfaction and brand reputation, making their roles critical to the success of businesses and events.

‘Continuous learning is not optional; it is essential,’ she said, adding that rising customer expectations, evolving service standards, and increasing global competition require professionals to constantly sharpen their skills and embrace innovation.

Addressing waiters, supervisors, managers, and other industry professionals present at the event, she stressed that excellence is not determined by titles but by attitude, consistency, and dedication to service.

Bandits on rampage in Katsina, impose N20m right-to-live levy on residents

Barely 24 hours after the death of retired Major General Rabe Abubakar in an armed bandits’ den in Katsina State, another armed group has reportedly imposed a N20 million levy on residents of Kwandawa Community in Malumfashi Local Government Area, threatening them with eviction from their ancestral homes if they fail to comply.

The latest incident has further underscored the growing insecurity across Katsina State, where bandit groups continue to terrorise rural communities through kidnappings, killings, cattle rustling, extortion and forced taxation despite sustained security operations.

Residents told BusinessDay that the heavily armed bandits invaded Kwandawa village on Saturday night and informed villagers that payment of the N20 million levy was the only guarantee for their continued stay in the community.

A resident, Ibrahim Tukuri, said the demand was allegedly linked to the killing of one of the bandits during an earlier confrontation with members of the local vigilance group operating in the area.

According to him, the attackers warned that failure to pay the money would force residents to abandon the village entirely.

‘The attackers told us that unless the community pays N20 million, everybody should be ready to leave. They said nobody would be allowed to remain here,’ Tukuri said.

Read also: Governors could be next targets for bandits, buratai warns

He added that the gunmen moved from house to house, looting valuables, household property and bridal gifts belonging to newly married women before extending similar attacks to neighbouring Tsaraka and Maturi communities.

The attack has thrown the affected communities into panic, with many families reportedly fleeing to safer locations while others remain trapped amid fears of renewed assaults.

Residents said the destruction of property and theft of household items have compounded the hardship already facing many families who depend largely on farming for their livelihoods.

The incident comes at a time when Katsina State is witnessing renewed attacks by armed bandits across several local government areas, particularly in communities bordering forests that have become hideouts for criminal gangs operating across the North-West.

In recent months, several communities in Malumfashi, Kankara, Sabuwa, Batsari, Safana, Danmusa, Faskari and Jibia local government areas have experienced repeated attacks involving mass kidnappings, killings of villagers, cattle rustling and the destruction of farmlands.

Yahuza Getso, a security expert say the criminals have increasingly adopted the practice of imposing illegal levies on rural communities, forcing residents to pay huge sums of money before they are allowed to cultivate their farms or continue living in their villages.

The practice is said to have left many farming communities impoverished, with thousands abandoning agriculture for fear of attacks during the planting season, raising fresh concerns over food security and economic activities in the State.

The latest attack also comes amid widespread outrage over the death of retired Major General Rabe Abubakar, who reportedly died while in captivity after being abducted by bandits in Katsina State.

His death shocked many Nigerians and reinforced concerns that the activities of armed groups have become increasingly audacious, with even prominent retired military officers no longer spared from criminal violence.

Residents and community leaders say the two incidents occurring within days of each other reflect the deteriorating security situation confronting many rural settlements across the State.

Beyond the immediate threat to lives and property, villagers fear that continued extortion by armed groups could lead to the gradual abandonment of entire communities as residents relocate to urban centres in search of safety.

The persistent attacks have also disrupted farming activities, forced the closure of local markets and affected transportation on several rural roads, worsening economic hardship for already vulnerable households.

Many residents have appealed to the Federal Government and security agencies to intensify military operations in vulnerable communities and strengthen intelligence gathering to dismantle bandit camps operating within forest corridors linking Katsina with neighbouring States.

They also called for improved collaboration between security agencies, local vigilante groups and traditional institutions to enhance early warning systems and prevent further attacks.

Security analysts believe the growing confidence displayed by armed groups in imposing taxes and threatening entire communities demonstrates the urgent need for a more coordinated response involving advanced surveillance technology, improved logistics and sustained security presence across rural areas.

As fear continues to spread across Kwandawa and neighbouring villages, residents say they remain uncertain about their future, wondering whether they will be able to remain in their ancestral homes or be forced to abandon generations of heritage to armed criminals.

For many communities across Katsina State, the latest N20 million levy is not merely another demand for ransom but a stark reminder of the escalating security crisis that continues to challenge government efforts to restore lasting peace across the North-West.

Banks stay profitable, but expensive funding eats into Q1:2026 earnings

Botswana’s banking sector remained firmly profitable in the first quarter of 2026, but rising funding costs and growing credit risk pressures weighed on earnings, signalling a more challenging operating environment for lenders.

According to Bank of Botswana data, the country’s nine commercial banks posted a combined net profit of P851.5 million in the three months to March, down 13.8 percent from P988.1 million in the same period last year.

The decline reflects a growing squeeze on margins despite continued growth in lending income. Interest income rose 14.5 percent to P3.17 billion as banks benefited from larger loan books and interest-bearing assets. However, the cost of funding those assets climbed much faster.

Interest expenses surged 75.9 percent to P1.6 billion from P908.5 million a year earlier, reducing net interest income by 15.5 percent to P1.57 billion.

The figures suggest that banks are paying significantly more to attract and retain deposits at a time when liquidity conditions have tightened and competition for funding has intensified.

To offset the pressure, lenders increasingly relied on non-interest income. Revenue from fees, commissions, foreign exchange transactions and trading activities climbed 31.4 percent to P1.3 billion, raising its contribution to total operating income to about 45 percent from 35 percent a year earlier.

Even so, higher costs continued to weigh on profitability. Non-interest expenses rose 9.8 percent to P1.63 billion, while provisions for bad and doubtful debts increased 35.2 percent to P121.1 million, indicating growing caution about potential loan defaults.

The results come as Botswana’s economy continues to feel the effects of weak diamond demand, which has slowed growth and put pressure on household and business finances.

While profits have declined from last year’s highs, the sector remains resilient. Earnings were still above levels recorded in 2024 and 2023, suggesting banks remain well positioned despite a more demanding operating environment.

Botswana bets on P25.5 billion ‘new city’ to drive diversification

Botswana has launched construction of a P25.5 billion mixed-use development near Sir Seretse Khama International Airport, marking one of the country’s largest private-sector-led investments as authorities seek new sources of growth beyond diamonds.

Dubbed New Botswana City, the project is being developed through a partnership between Botswana Development Corporation (BDC) and UAE-based ALBADDAD Holding. The development’s estimated cost is equivalent to roughly 10 percent of Botswana’s 2024 gross domestic product, underscoring the scale of the bet being placed on trade, tourism and business services as future growth drivers.

The project will be anchored by a 124,000-square-metre exhibition and convention centre, which developers say will position Botswana as a regional destination for conferences, trade exhibitions and business tourism. Plans also include commercial districts, hotels, residential developments and retail facilities.

The investment comes at a time when Botswana is grappling with the economic fallout from weak diamond demand, which has hit export earnings, government revenues and economic growth. Officials increasingly view diversification as critical to reducing the country’s dependence on mining.

BDC’s contribution to the project is land within the airport special economic zone. In return, the state-owned investment agency will receive a ring-fenced five percent equity stake, allowing government participation without assuming the full financing burden of the development.

The developers estimate the project could support between 14,000 and 21,000 jobs during construction and up to 37,500 direct and indirect jobs once fully operational.

The development is expected to support Botswana’s competitiveness under the African Continental Free Trade Area by providing a trusted platform for trade conversations, investment delegations, exhibitions,

conventions and business tourism. Regionally, it strengthens the case for Botswana as a serious SADC trade, business tourism and investment platform, with supporting demand for transport, logistics and local supply chains.