The United Nations Development Program (UNDP) Botswana Resident Representative Balazs Horvath addresses the 2nd Annual Botswana ESG (Environmentcrashlands2, Sustainability and Governance) and Sustainable Finance Forum in Gaborone, Botswana, on June 19, 2024. The United Nations Development Program (UNDP) and the World Bank have called on Botswana to allow the private sector to play a major role in the country's economic activities for rapid growth and development. (Photo by Tshekiso Tebalo/Xinhua)

GABORONE, June 19 (Xinhua) -- The United Nations Development Program (UNDP) and the World Bank have called on Botswana to allow the private sector to play a major role in the country's economic activities for rapid growth and development.

Speaking at the 2nd Annual Botswana ESG (Environment, Sustainability and Governance) and Sustainable Finance Forum, held in the national capital of Gaborone Wednesday, the two development partners said Botswana needs to engage more with the private sector to address the country's sustainability challenges.

UNDP Botswana Resident Representative Balazs Horvath said government authorities need to ensure that there is a balance between social and corporate objectives, citing that regulations and policies should be crafted to ensure that the private sector pursues profit models without trampling on social needs.

"Having a very large portfolio of state-owned enterprises is very costly and keeps the companies afloat," said Horvath, calling for the private sector to be allowed to play a leading role in economic activities.

Echoing the same sentiments, World Bank Country Representative Liang Wang said the country needs to shift from a public to a private sector-led economy, with ESG at the center of the transition.

"There is a need for the government not to create more state-owned enterprises but allow the private sector to take the lead," said Wang, suggesting that the private sector needs to create value while the government guards against uncompetitive practices.

He also highlighted that employment creation will be the mandate of the private sector.■

World Bank Country Representative Liang Wang addresses the 2nd Annual Botswana ESG (Environment, Sustainability and Governance) and Sustainable Finance Forum in Gaborone, Botswana, on June 19, 2024. The United Nations Development Program (UNDP) and the World Bank have called on Botswana to allow the private sector to play a major role in the country's economic activities for rapid growth and development. (Photo by Tshekiso Tebalo/Xinhua)