UIF partners with IDC in R5bn jobs fund
The fund will be co-managed by the Public Investment Corporation
The Unemployment Insurance Fund (UIF), which provides short-term financial support to workers who lose their jobs or cannot work, has partnered with the Industrial Development Corporation (IDC) to establish a R5bn fund to provide finance to firms that support job creation and retention.
The UIF II Fund will be co-managed by state-owned asset manager the Public Investment Corporation (PIC). The fund, which provides loans to qualifying entities, has so far approved R3.8bn in finance to qualifying firms in various industries, including agriculture, transport, industrial infrastructure, pharmaceuticals and mining. ..
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