Government is Committed to Restoring Investor Confidence in Lesotho
  First National Bank comes into Lesotho at a time when government is committed to, and places high priority on the creation of a market economy, in which local and foreign private sector plays a leading role in resource mobilization, investment and job creation", the Prime Minister, Mr. Pakalitha Mosisili has said.

Speaking at the inauguration of the the FNB's first branch in Lesotho on October 25, Mr. Mosisili said the country is committed to restoring investor confidence in the country, following the unfortunate political crisis of 1998. Mr Mosisili went on to assure investors of the nation's  commitment to creating an environment conducive to investment.

It has embarked on a new route whose hallmarks are peace and stability, the rule of law, and good governance.

 The entrance of FNB into Lesotho therefore, is a very significant for government as it is a mark of confidence in the political, economic and financial stability, and the peace that now rein in the country. The entry of FNB into the financial sector will also introduce much needed competition in the banking sector and provide more financial services to Basotho.

However the country needs to change some of its financial regulations, the Prime Minister said,  pointing to the one on the registration of companies as an example. It is simply not acceptable that in Lesotho it takes an average of 91 days to register a company while in South Africa, the same process takes only nine days, in Australia two days and in Canada two to four days.

To correct this situation and create a business and investor-friendly environment and institutions that support private sector-led growth, the government plans to develop a reform agenda, jointly
with the private sector whose focus will be on how to make Lesotho a preferred destination for foreign and domestic investment.

The chief Executive Officer of FNB-Lesotho, Mr Richard Hudson, said the new operation of FNB in Lesotho will add capacity to the economy and will contribute to upgrading financial service in the country. He said the bank would offer a full range of retail and corporate banking facilities including ATM network and Internet banking.

26 October 2004