By Thandiwe Kubere
The two-day event Lekhotla 2023, by Standard Lesotho Bank invited stakeholders and experts from various sectors to share pointers on how best to improve infrastructure and build a better Lesotho.
The infrastructure in Lesotho is said to have been relatively low in the past years. In an effort to change that, the blue bank of Lesotho has launched an infrastructure and construction project- Lekhotla 2023, in order to meet the financing need of those in the corporate world. The Chief Executive Officer of Standard Lesotho Bank, Anton Nicolaisen, emphasized that the bank has a proud heritage of serving Basotho for over twenty-five years. They have been making their clients’ dreams come true through their knowledge and expertise. He further stated that in the past decades, the Standard Bank Group has been part of the live changing land infrastructure and construction developments in the African continent.
Lekhotla 2023 has been a door-opening platform that allows those in the mega industry to come together and discuss the potential opportunities to improve the economy of Lesotho. When giving an economic update, Standard Banks’ Head of Global Markets, Mats’ela Mats’ela, shared that now more than 588 million people live in urban areas- a rise of above 118 million as compared to the last decade. Therefore, as more people join the urban economy they are becoming increasingly prosperous through the access of infrastructure. However, as more people urbanize, there is an increase in the infrastructure deficiency. Fortunately, those in the construction industry can explore more opportunities.
When explaining the Block chain in construction, Mat’sela showed how trust has moved in the economic ages. In the Industrial sector, there has been expansion of the economy with mechanical assistance and the scale became global. Trust shifted from record-keepers to bankers and financiers, whereas in the Information age, there has been expansion of the economy beyond the physical into the digital. The scale became exponential. A few monoliths were then granted trust to allow continued growth. Moving to the decentralized age, the economy has expanded to new networks and people have gained control of their money and data, therefore, trust has stabilized.
Standard Lesotho Bank – Bancassurance offers a range of tailor-made business insurance solutions, which promote comprehensive cover for Construction & Engineering risks. The Standard Bank Group has insights of the Construction sector and businesses in particular. This in turn enables it to advise on, procure and place insurance cover and solutions for organizations or companies in line with the risks they face.
The bank aims to provide customers with customized services through whichever communication channels they wish. It provides support and customer centric solutions such as advising on which insurance products to purchase, obtaining quotations, placing cover, issuing correctly worded policies, and supporting the customer during the claims process.
The Construction Insurance Expert, Kamohelo Koloi, said the bank has resources waiting for clients to utilize. The major insurance the bank covers include, “contractors all risk”, which covers the damage of work and property during construction, delay in start-up, third party liability and the surrounding property during construction. The insurance covers all parties which provide professional services for the project including; the main contractor, all sub-contractors & consultants such as Engineers, Architects and Surveyors.