Finance

South Africa launches ZAR2 billion fund to support SMEs

Friday, 14 December 2018 16:12
South Africa launches ZAR2 billion fund to support SMEs

(Ecofin Agency) - South Africa announces the launch, today December 14, 2018, of a ZAR2 billion (about $140 million) fund for SMEs, which is a partnership of the Public Investment Corporation (PIC), the pension fund and the Unemployment Insurance Fund (UIF).

The fund, which will contribute to job creation and economic growth, will place a particular accent on ICT projects. Initiatives that will contribute to the resolution of South Africa’ socio-economic problems thanks to the technology should contribute to the success of the fourth industrial revolution the country has been preparing for years now with various investments.

According to the labour minister Mildred Oliphant (photo), the fund should contribute to the creation of more than 10,000 jobs in South Africa. "There is evidence that small business sector is the backbone of any economy and contributes significantly to the Gross Domestic Product of any country. SMEs represent a considerable 40% of all businesses in South Africa and it has been estimated that by 2030, 90% of the jobs will be in this sector", she said.



 
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