New state-owned bank and pharmaceutical company gains ground in South Africa

Gauteng is working on establishing two new state-owned enterprises – a bank and a pharmaceutical company.

“The due diligence report clears the legal hurdles and provides Gauteng with a strong legal framework towards establishing a state-owned bank. We are now in a better position to move forward knowing very well that the work that we are doing complies with the legislation.”Integrating small, micro, and mid-sized businesses and unserved individuals in the formal financial sector;

“We are convinced that by supporting township entrepreneurs, including ensuring that they have access to tailor-made financing products to expand their businesses, we will create new jobs, increase access to goods and services, and promote much-needed economic development in our communities,” the MEC said.

The new company will manage supply chains, medicine procurement, the distribution of medicines to the provincial healthcare facilities, inventory, dispensary to the public and other objectives.

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