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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa: U.S.-Africa Business Summit Looks to Enhance Africa's Value in Global ChainsOver 1,000 participants from the U.S. and across the African continent, including government officials, private sector executives, investors, and multilateral stakeholders, are meeting in Botswana's capital city of Gaborone at the U.S.-Africa Business Summit to explore investment opportunities and strengthen business relationships between Africa and the U.S.
Source: allafrica - 🏆 1. / 99 Read more »