(Ecofin Agency) - South Africa’s government reached a financing deal of R140 million ($10,176,564) with IT company Cisco, the telecom minister, Stella Ndabeni-Abrahams (pictured), announced.

Speaking at a breakfast last week - organized by Brand SA ahead of the World Economic Forum for Africa held in Cape Town from 4 to 6 September 2019, the official said the fund will be invested over a 3-year period to help build the capacity needed for the fourth industrial revolution.

The government intends to provide advanced cyber security training for South Africans with the aim of protecting data and the national economy against cyberattacks.

Under this agreement, Cisco is also expected to establish seven other incubation centers in the country, in addition to the two existing ones (in Gauteng and KwaZulu-Natal), Stella said.

This MoU, let’s note, is part of Cisco's Country Digital Acceleration (CDA) program and will contribute to SA’s National Development Plan 2030.