https://www.engineeringnews.co.za

R1.5bn to boost SMEs

R1.5bn to boost SMEs

Photo by Duane Daws

10th May 2016

By: News24Wire

  

Font size: - +

The private sector has set aside R1.5-billion to help small and medium enterprises survive the tough economic climate.

The announcement was made by CEO of Discovery Adrian Gore during a briefing at the Union Buildings where government, labour and business shared the progress made by the work streams established by President Jacob Zuma to assist the country to avoid a credit downgrade.

“The fund is a private sector initiative but we are hoping that government contributes but we are focusing on what business can provide. We have injected R1.5-billion into the fund but ultimately we are hoping to raise R3-billion,” Gore told reporters.

“There has been a strong overwhelming intend to support this and it bodes well for the future.”

Deputy President Cyril Ramaphosa said government wanted to see the fund increased to double digits to ensure small business can be assisted to create jobs.

“We want to see it going to R10-billion so that it can support entrepreneurs who are the great job creators in the economy,” said Ramaphosa.

Zuma in February this year convened a meeting of chief executive officers of major companies and captains of industry to discuss ways in which they could work together to reignite economic growth and create jobs.

“I mandated the minister of finance to lead a process of engaging with the private sector in particular to map out a strategy to the goal of growing the economy. Leaders from labour and business joined the minister of finance on a roadshow abroad early this year to promote the country and prevent a possible credit ratings downgrade. The hard work is paying off, and we saw the evidence this weekend with the announcement by Moody’s.”

Zuma said Moody’s had acknowledged that the country was at a turning point following years of weak economic growth. He attributed that to the collaborative efforts of all the stakeholders involved.

He said despite the economy showing signs of recovery, the level of economic growth have been much weaker than previously anticipated.

Edited by News24Wire

Comments

Showroom

Alco-Safe
Alco-Safe

An unmanned breathalyser that is made to be tough and simple to use. Can be used in any environment for operator-free breathalyser testing.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.103 0.157s - 138pq - 3rq
Subscribe Now