GABORONE, Nov. 22 (Xinhua) -- Botswana government and the European Union (EU) launched the Multi-Annual Indicative Program (MIP) on Tuesday, covering the period of 2021 to 2027 with an initial grant of 16 million euros (about 16.44 million U.S. dollars).
Speaking during the launch in Gaborone, the capital of Botswana, Botswana's Minister of Finance, Peggy Serame, stated that the priorities of MIP set out two priority areas: green transformation and economic diversification.
The EU will provide 16 million euros to fund actions between 2021 and 2024. Another financial allocation for the period 2025-2027 will be determined after a review in 2024.
Serame said despite the country's middle-income status, the southern African nation still faces numerous challenges, including unemployment, particularly among graduates, and the need to diversify the economy.
Ambassador of the European Union to Botswana and Southern African Development Community (SADC), Petra Pereyra stated that the purpose of this cooperation program is to help Botswana transition from a natural resource-based to a knowledge-based economy.
"Botswana has enormous potential for renewable energy, in particular by developing solar energy. It has enormous potential if it invests in its youth to make them the driving force behind the diversification and development of the economy, and the country," said Pereyra.