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The other day finance minister Tito Mboweni tweeted: “I am pleased that we have now signed a Memorandum of Agreement on the Infrastructure Fund. A blended fund drawing in the public, private sector and international financial institutions. This is a critical step forward in the economic revival of SA. Lets get on with it!”

Not understanding the jargon, I asked what a blended fund was. Quick as a flash my old news editor at the Financial Times, Alain Catzeflis, replied, eyes rolling as always when I needed educating, that: “It’s where the public sector underwrites the private sector so when it goes bust the public sector can turn to international institutions to bail it out. Keep up.”..

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