ANC backs banks’ plan to boost funding for black investors
Party says the drive to create a bigger black business class has been thwarted because entrepreneurs have struggled to obtain the capital required to finance big deals
The ANC supports the financial services industry’s plan to set up a fund to boost financing for black investors in a bid to increase their participation in the economy. The drive to create a bigger black business class following the end of apartheid had been thwarted because emerging entrepreneurs struggled to obtain the capital required to finance big deals, the ANC’s economic policy head, Enoch Godongwana, said in an interview in Johannesburg on Wednesday. "We’re talking about black people who have got to get access to the economy, but for them to get access they need to have money. These are the very people who were deprived of assets in the first place," Godongwana said. "In the financial sector’s new charter, there’s an interesting proposal of some funding that’s going to come from the financial sector, which is going to be an impressive figure," he said, declining to give the amount. SA’s biggest banks and financial services institutions, including Standard Bank and Barclays A...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.