World Bank to aid Lesotho’s growth and job creation

The World Bank Board of Directors today approved a US$13.1 million credit to support the Government of Lesotho's (GoL) program aimed at creating jobs by improving the country's business environment and increasing diversification in new growth sectors such as tourism and horticulture through private sector-led economic growth.

The project will facilitate improvements in Lesotho's business environment by supporting regulatory reforms and efforts to streamline the processes for obtaining licenses and construction permits, which will reduce the number of days it takes to get a construction permit from 106 days to less than 65 days.

It will also support the creation of an electronic portal for business licenses, which will include an online database of all laws, regulations, tariffs and steps for all types of trade and industrial licenses. Furthermore, the project will improve access to finance by establishing a credit information bureau designed to provide a stable and predictable credit market.

It will also support changes to credit requirements, such as allowing a diversified set of investments, including stocks and equipment, to serve as collateral for a loan, increasing the availability of credit to the unbanked population.

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