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Municipalities, municipal entities receive two-month extension for audit submissions

By: Simone Liedtke Updated 2 hours 33 minutes ago Finance Minister Tito Mboweni has issued a Ministerial exemption of the Municipal Finance Management Act (MFMA), exempting municipalities and municipal entities from submitting their yearly financial statements and related reports for auditing at the end of August. The exemption allows for a... →

EIB, Afreximbank direct €300m of support to Africa's Covid-19 response

By: Donna Slater 6th August 2020 The European Investment Bank (EIB), an arm of the European Union, and multilateral trade finance institution, the African Export-Import Bank (Afreximbank), are directing €300-million of financing to support the resilience and recovery of African nations in response to the Covid-19 pandemic. The... →

Covid-19 relief should reach all SMEs, says SAVCA

By: Simone Liedtke 5th August 2020 Small- and medium-sized enterprise (SME) relief was short-lived after President Cyril Ramaphosa announced a R200-billion government Covid-19 loan guarantee scheme in April. The scheme was intended to support businesses with a yearly turnover of less than R300-million, as part of efforts intended... →

SAVCA CEO Tanya van Lill

Absa revises GDP forecast on better-than-expected data

By: Donna Slater 4th August 2020 Based on better-than-expected data arising from the first and second quarters of the year, financial services company Absa has revised down its forecast for the gross domestic product (GDP) contraction this year from 9.7% previously, to 8.3%. However, Absa notes that taking into account the... →

Nedbank inks partnership to enable homeowners to leverage loans to install solar PV

By: Donna Slater 3rd August 2020 Financial services provider Nedbank has partnered with the South African Photovoltaic Industry Association (SAPVIA) through its PV GreenCard accreditation in an effort to increase access to and the affordability of installing renewable energy solutions for homeowners. Through the partnership,... →

Sithole to assume PIC office on August 1

By: Simone Liedtke 31st July 2020 Newly-appointed Public Investment Corporation (PIC) CEO Abel Sithole will assume his duties from August 1. Sithole’s appointment was announced on May 27, following Cabinet approval. →

DBSA disburses R4.5bn to Johannesburg, Tshwane for infrastructure

By: Donna Slater 31st July 2020 The Development Bank of Southern Africa (DBSA) has made available R4.5-billion in loans to two Gauteng metropolitan municipalities to fund large-scale infrastructure programmes. The City of Johannesburg (CoJ) will receive R3-billion and the City of Tshwane (CoT) R1.5-billion, the development... →

Association confident private equity industry will weather the Covid-19 storm

By: Simone Liedtke 30th July 2020 Despite the economic headwinds facing the sub-Saharan Africa region, the Southern African Venture Capital and Private Equity Association (Savca) 'Private Equity Industry Survey' shows that the private equity industry remained resilient in weak macroeconomic circumstances during 2019. This, the... →

Savca CEO Tanya van Lill

Compensation Fund records increase in claims as a result of Covid-19 infections

By: Tasneem Bulbulia 24th July 2020 The Compensation Fund reports that 2 361 claims have been lodged for compensation by employees who have been exposed to Covid-19 at work from April 1 to July 13. Of the claims lodged, 1 412 have been lodged directly with the Compensation Fund, while 900 were lodged with Rand Mutual Assurance and... →

Covid-19 crisis highlights need for renewable energy systems, says Standard Bank

By: Tasneem Bulbulia 23rd July 2020 The Covid-19 crisis has highlighted the need for Africa to develop flexible energy systems in which renewables and decentralised technologies play a far larger role, says financial services provider Standard Bank Group. The pandemic has led to a global decline in electricity demand as commercial... →

US agency supports Unicef to build handwashing stations in South Africa

By: Tasneem Bulbulia 23rd July 2020 To help slow the spread of Covid-19, the US government has contributed $500 000, which equates to about R8.6-million, to nonprofit organisation United Nations International Children's Emergency Fund (Unicef) to build handwashing stations in vulnerable communities and informal settlements across... →

AfDB approves R5bn loan for South Africa's Covid-19 fight

By: Donna Slater 23rd July 2020 The African Development Bank (AfDB) board has approved a loan of about R5-billion ($288-million) to the government of South Africa, as the country battles one of the largest Covid-19 caseloads in the world. The loan forms part of the AfDB’s $10-billion Covid-19 Response Facility and will finance... →

IFC exceed 2019 fiscal commitments with $4.6bn invested

By: Donna Slater 22nd July 2020 IFC, a member of the World Bank Group, committed $5.6-billion to private sector development in the Middle East and sub-Saharan Africa in fiscal year 2020, supporting businesses across the two regions to launch, grow, provide jobs and fight the impacts of the global Covid-19 pandemic. IFC is a... →

AIF partners unveil Covid-19 response to support Africa’s private sector

By: Tasneem Bulbulia 21st July 2020 Increased and decisive investment will be the channel for Africa’s economic recovery post Covid-19, partners of the Africa Investment Forum (AIF) said last week, expressing confidence in the continent’s potential to rebound from the ongoing health and economic crises. “Africa will come out of... →

Capitec CEO awarded USB Alumnus of the Year

By: Marleny Arnoldi 20th July 2020 Capitec CEO Gerrie Fourie was been named Alumnus of the Year 2019 by the University of Stellenbosch Business School (USB). The award is reportedly the highest honour given to alumni of the university on behalf of the Alumni Association. →

Solidarity Fund continues to make progress in supporting fight against Covid-19

By: Tasneem Bulbulia 17th July 2020 Four months since the first case of Covid-19 was identified in the country, the Solidarity Fund, established by President Cyril Ramaphosa as a rapid response to augment the fight against the pandemic, has made considerable progress in implementing its mandate and distributing funds, it said... →

Section 12J amendments muddying investment waters, says law firm

By: Donna Slater 17th July 2020 Ongoing amendments to the Section 12J Income Tax Act have left investors at risk as to whether the companies in which they have either invested, or hope to invest, continue to qualify, law firm CMS South Africa partner and tax co-head Andrew Wellsted tells Engineering News. Section 12J was... →

CMS South Africa partner and tax co-head Andrew Wellsted

Household incomes severely, widely impacted by Covid-19 – Old Mutual

By: Donna Slater 16th July 2020 Fifty-eight per cent of households across South Africa are facing high, or overwhelming, financial stress as the Covid-19 crisis impacts people’s savings and raises debt levels, the latest Old Mutual Savings & Investment Monitor, released on July 16, shows. The survey has tracked the shifts in... →

ECDC closes offices as staff members contract Covid-19, CFO dies

By: Marleny Arnoldi 16th July 2020 Fund management company, the Eastern Cape Development Corporation, has closed its Queenstown regional office and its East London head office until further notice to allow for decontamination measures. Five staff members have contracted Covid-19 since June 30. →

New US development finance institution doubles down on investments in Africa

By: Tasneem Bulbulia 15th July 2020 Development finance institution (DFI), the US International Development Finance Corporation (DFC) is doubling down on investments in Africa amid the global Covid-19 pandemic, as it believes this is an essential time to drive investments and to bring liquidity facilities quickly to the continent... →

Solidarity Fund approves R405m for critical medical equipment

By: Tasneem Bulbulia 13th July 2020 As the Covid-19 pandemic intensifies across South Africa and the country braces for an expected surge in hospital admissions, the Solidarity Fund has responded by approving an additional R405-million towards the purchase of critical healthcare equipment for the public hospital system in the... →

JSE says ETFs a haven for institutional investors

By: Simone Liedtke 9th July 2020 Professional and institutional investors wishing to gain exposure to different sectors, asset classes such as equities, commodities or government bonds are being encouraged by the JSE to use exchange-traded funds (ETFs). →

CDC Group backs Helios IV with $100m commitment

By: Tasneem Bulbulia 7th July 2020 UK development finance institution CDC Group has committed $100-million to Helios Investors IV, the fourth private equity fund raised by Helios Investment Partners, an Africa-focused private equity firm. The pan-African generalist fund will invest in and build companies across the continent. →

Nedbank launches SDG-linked capital instrument

By: Marleny Arnoldi 6th July 2020 Nedbank has launched a new “green” tier two capital instrument that is linked with sustainable development goals (SDG), which is the first of its kind in South Africa. The instrument is linked on the green bonds segment of the JSE. →

CoJ council has until Friday to approve budget

By: Sane Dhlamini 6th July 2020 Gauteng Cooperative Governance MEC Lebogang Maile has urged the City of Johannesburg Municipal Council to put the interest of the residents of the City first following its failure to approve an annual budget for the start of the municipal financial year 2020/21. The Gauteng Provincial Executive... →

AfDB concludes R2bn investment in Nedbank SDG-linked bonds

By: Tasneem Bulbulia 3rd July 2020 Finance institution, the African Development Bank (AfDB) group, has concluded the investment of R2-billion in Sustainable Development Goals-linked bonds (SDG bonds) issued by banking group Nedbank South Africa. This investment, which is listed on the green bonds segment of the JSE, will... →

IDC appoints Gert Gouws acting CFO

By: Donna Slater 3rd July 2020 The Industrial Development Corporation (IDC) has appointed Gert Gouws as its acting CFO for a period of three months while the process of appointing the permanent incumbent is being finalised. The IDC notes that the recruitment process is progressing well and is expected to be concluded soon. →

Photo by Creamer Media
IDC acting CFO Gert Gouws

ProfitShare Partners secures R100m for SMEs

By: Tasneem Bulbulia 2nd July 2020 Fintech small and medium-sized enterprises (SMEs) capital provider ProfitShare Partners on July 2 announced that it had secured R100-million from the SA SME Fund, which would enable it to partner with more SME businesses to provide much-needed capital to catalyse growth. In the midst of the... →

CDC Group, Finnfund make $70m commitment to foster growth across Africa

By: Simone Liedtke 2nd July 2020 The CDC Group and Finnfund have made a $70-million commitment to AfricInvest Fund IV, a generalist Pan-African fund aiming to foster the growth of African enterprises across the continent. Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial services,... →

2018/19 audit of local governments paints ‘undesirable picture’, says AG

By: Simone Liedtke 1st July 2020 Auditor-General (AG) Kimi Makwetu released the audit outcomes for local government for the 2018/19 financial year, wherein 257 municipalities and 21 municipal entities were audited. This report is Makwetu’s last as his fixed seven-year term as AG comes to an end on November 30. →

Revenue under severe strain, but no tariff increases for Ekurhuleni

By: Tasneem Bulbulia 26th June 2020 The City of Ekurhuleni will not be increasing municipal tariffs that are within the control of the city, despite a considerable strain on revenue collection exacerbated by the Covid-19 pandemic, Finance and Economic Development MMC Nkosindiphile Xhakaza said on June 26 during a webinar discussing... →

Fund approves Covid-19 response grants for six SADC countries

By: Tasneem Bulbulia 26th June 2020 The African Development Bank's (AfDB's) African Development Fund has approved nearly $8.9-million in grant funding to bolster Covid-19-related control measures in six Southern African Development Community (SADC) countries. Separately, it has also approved $683 000 in grants to São Tomé &... →

Standard Bank shareholders re-elect nonexecs despite Just Share concerns

By: Marleny Arnoldi 26th June 2020 Financial services provicer Standard Bank Group has welcomed the reappointment of all its nonexecutive directors, including those that were alleged to be climate change conflicted by activist organisation Just Share. Standard Bank earlier in June reiterated its commitment to a climate-related... →

Private equity association releases inaugural venture capital report

By: Simone Liedtke 24th June 2020 The African Private Equity and Venture Capital Association (Avca) has released its inaugural report on venture capital (VC), titled 'Venture Capital in Africa: Mapping Africa’s Start-up Investment Landscape'. The report analyses the exponential growth of VC in Africa over the 2014 to 2019 period,... →

Visa launches new initiative to support small businesses in South Africa

By: Tasneem Bulbulia 19th June 2020 Digital payments service provider Visa has launched a new initiative that aims to champion and enable entrepreneurs in South Africa, while encouraging consumers to support small businesses. Having launched on June 17, Visa’s initiative is aimed at supporting small businesses through the Visa... →

Absa arranges major bond issuance for Dangote in Nigeria

By: Marleny Arnoldi 18th June 2020 Absa Capital Markets Nigeria has successfully completed a debut bond offering for Nigerian multinational cement manufacturer Dangote Cement, as its joint lead issuing house. Absa has allocated 100-billion naira in five-year fixed rate senior unsecured bonds under its 300-billion naira issuance... →

Labour department starts auditing UIF payments to ensure compliance

By: Donna Slater 15th June 2020 Employment and Labour Minister Thulas Nxesi reports that, during the second week of June, the Unemployment Insurance Fund (UIF) appointed auditors to investigate whether money paid to employers, to help bridge employees salary deficits during the Covid-19 pandemic, is being paid in full to... →

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