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SAB's sobering announcement is likely to rip a hole in the South African economy, as the third alcohol ban takes a devastating toll on scores of businesses.
South Africa is one of the hardest-hit countries in Africa with over 740,000 infections.
The country recorded 60 more virus-related deaths on Wednesday, bringing the death toll to 20,011.
Local businesses have been invited to begin applying for funding under the Economic Recovery Fund (ERF), a two-year facility established by Government to cushion businesses affected by the Covid-19 Pandemic.
According to the Ministry of Finance, the fund has started with an initial Rwf100bn to be distributed towards; hospitality sector loan refinancing, businesses in manufacturing (including agri-processing), transport and logistics as well as SMEs linked to domestic and global supply chains.
Uzziel Ndagijimana, the Minister of Finance and Economic Planning said that with the private sector severely affected by the pandemic, the Economic Recovery Fund in addition to other recovery measures will help to overcome the significant hardship.
The Economic Recovery Fund in addition to other recovery measures will help to overcome the significant hardship brought on by Covid-19 on businesses and individuals and allow them to be in a position to play a meaningful role in our economic recovery,\" the Minister said in a statement.
The fund will be disbursed by the Central Bank to commercial banks, microfinance institutions and SACCOs which will then lend to eligible businesses.
Former President Jacob Zuma has accused the state capture commission’s chairperson Raymond Zondo of being biased
'Beauty and the Baby Beast': SA fashion designer Rich Mnisi joins Volvo's #HiddenGem campaign with customised XC40.
The recently released quarterly crime statistics are a true reflection of a violent society, says ISS head of governance Gareth Newham.
Rilee Rossouw will be reunited with former Proteas teammate, Imran Tahir at Big Bash League outfit, the Melbourne Renegades.
Kenneth Bacon is Co-Founder & Managing Partner at RailField Realty Partners, an investment management firm that invests in apartments on behalf of institutional investors.
Previously, Bacon was Executive Vice President for Fannie Mae’s multifamily business. In this role, Bacon was responsible for a $195 billion portfolio, which included senior debt, mezzanine loans, tax credits and equity. Prior to joining Fannie Mae, Bacon served as Director of Securitization at the Resolution Trust Corporation.
Bacon is a member of the National Multifamily Housing Council and a Director of Bentall Kennedy, a privately-held Canadian real estate investment advisory firm. Bacon is a former Trustee of Stanford University and is also a member of various advisory boards at the school including the Stanford Center on Longevity.
Bacon holds a Bachelor of Arts degree from Stanford University, a M.S. from the London School of Economics, where Bacon studied as a Marshall Scholar, and MBA from the Harvard Graduate School of Business.
Black businesses and Black banks will get a hefty share of funds tied to Bank of America's massive pledge to advance racial equality and economic opportunity.
[Daily Maverick] On 10 November, Foreign Minister Naledi Pandor will sign South Africa's instrument of accession to ASEAN's Treaty of Amity and Cooperation (TAC). This will make South Africa the third country on the African continent to be a signatory to the TAC after Morocco and Egypt, and opens many doors, including trade.
Self-proclaimed prophet Shepherd Bushiri and his wife have fled South Africa for Malawi, in contravention of their bail conditions.
[allAfrica] As of October 21, the confirmed cases of Covid-19 from 55 African countries have reached 1,665,755. Reported deaths in Africa have reached 40,228, and recoveries 1,369,189.
The APNU+AFC government spent $1.2 trillion between 2015 and 2019 while gathering revenues totaling $992 billion, according to Minister in the Office of the President with responsibility for finance, Dr Ashni Singh.
The article APNU+AFC spent $1.2 trillion over five years - Ashni Singh appeared first on Stabroek News.
After success in their home leg, South Africa will be looking to complete the double over Sao Tome e Principe in Port Elizabeth.
[New Times] The Senate has approved the bill for the ratification agreement of Rwanda's entry into the Africa Finance Corporation (AFC), with senators saying that the country will get economic development gains from it such as through infrastructure financing.
Following a thunderstorm warning, parts of Gauteng have been plagued with floods, strong winds and severe bouts of lightning.
The South African chatted to SA rapper and producer PHFAT about the 'lockdown music industry' and bringing the party to 'A New Day Out'
After reporting 100,000 new coronavirus infections seven days in a row, the US has now surpassed a total of more than 10 million cases since the start of the pandemic - far more than any other country. And that number will likely keep rapidly climbing, one expert told CNN. 'We are watching cases increase substantially in this country far beyond, […]
A new reality programme 'Die Uitnodiging' is giving people the chance to heal their broken relationships with the help of a neutral mediator.
New York-headquartered Kuramo Capital has inked a deal with Centum-owned Nabo Capital committing to invest a further Sh535 million ($5 million).
President Cyril Ramaphosa showed his support for a South African restaurant on the Steenberg Vineyards this past weekend.
Robert Smith, the billionaire who went viral last year for paying off the debt of students at Morehouse College, admitted to an illegal scheme to conceal income and evade taxes by using offshore trusts and bank accounts for 15 years. The Justice Department announced on Thursday that Smith entered a non-prosecution agreement, in which he admitted his involvement […]
[New Times] The Chamber of Deputies has resolved that Prime Minister, Edouard Ngirente, should address major issues that were identified in the governance and operations of the Business Development Fund (BDF), as well as its collaboration with its beneficiaries with aim to help it to deliver yield that was expected from it.
