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LNDC scoops investment award

by Sunday Express
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LNDC AWARDBereng Mpaki

THE Lesotho National Development Corporation (LNDC) has won an investment award at the United Nations Conference on Trade and Development’s (UNCTAD) World Investment Forum held in Nairobi, Kenya.

The award, which was received on the corporation’s behalf by Trade and Industry Minister Joshua Setipa last Monday, was in recognition of the LNDC’s efforts to attract investment with a view towards achieving the Sustainable Development Goals (SDGs).

SDGs are a set of intergovernmental objectives to end poverty, protect the planet, and ensure prosperity for all.

According to a statement from UNCTAD, the LNDC was given the award for its “instrumental role in forging effective collaboration with strategic partners, in particular the Industrial Development Corporation of South Africa and the China-Africa Development Fund, to promote investment in strategic projects in infrastructure, agriculture, energy and manufacturing. Its effort has attracted investment in renewable energy and in rural areas”.

UNCTAD noted the SDGs would need up to $2.5 trillion (about M35.9 trillion) to be achieved, “a funding gap that is unlikely to be filled by government spending or foreign aid alone”.

“Private sector funding for development-related projects will be critical. This means that agencies promoting and facilitating private sector investment will play an increasingly important role in boosting prosperity in developing countries,” said the UNCTAD.

The award was also bestowed on investment promotion agencies (IPA) from India and South Africa. Invest India from the subcontinent nation was awarded for targeting and securing a large healthcare investment project in cooperation with public and private sector stakeholders in India and the United Kingdom. The project is expected to provide affordable healthcare for millions of people in 11 states across India.

InvestSA, the national IPA of South Africa, and Wesgro, the IPA of the Western Cape, were both rewarded for an effective partnership with other key stakeholders in promoting the Western Cape as a green investment destination.

Addressing the awards ceremony, UNCTAD Director of the Division on Investment and Enterprise, James Zhan, said the winners were innovative in attracting domestic and international investors.

“The winning IPAs have used innovative and effective methods to persuade key domestic and international investors. These IPAs offer real examples of how developing countries can benefit from the ability to attract investment; likely to make an increasingly important contribution to socio-economic development,” he said.

Mr Zhan also announced that the Netherlands government would finance a new UNCTAD project which would support partnerships between inward and outward investment promotion institutions in the development, marketing and facilitation of SDG projects.

Meanwhile, the LNDC described the award as a “moment of pride” on its Facebook page. LNDC’s Brand Management and Communications Officer Lerato Tsoinyane told the Sunday Express on Friday, a formal statement would be made in due course.

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