Black industrialists get a finance pledge
MINISTER of Trade and Industry Rob Davies together with First National Bank (FNB) chief executive for Public Sector Banking Kgosi Ledimo yesterday signed a pledge that would improve access to finance for black industrialists to fast-track accelerated economic transformation at a ceremony held in Johannesburg.
Davies said the partnership would see the two entities share information regarding various products offered by the Department of Trade and Industry (dti), with a focus on facilitating information-sharing regarding the dti’s incentive programmes.
Davies said: “By committing to this agreement, we undertake to collaborate with FNB in marketing our incentives and other related programmes on their website; we will also put measures in place to evaluate applications for financial support that are referred or received through FNB.
“Through this programme, the government hopes to contribute towards shifting the demographic composition of South Africa’s industrial sector and engage the under-utilised source of jobs, revenue, taxes and innovation, which are black industrialists.”
Since its establishment last year, the Black Industrialists Programme has approved 52 projects for support, with a projected investment value of R4.5 billion.