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South Africa: $324.1 million to support firms affected by global slowdown

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Staff writer ▼ | February 19, 2016
Ebrahim Patel
Africa   Economic Development Minister Ebrahim Patel:

Economic Development Minister Ebrahim Patel says a R5 billion ($324.1 million) fund has been established to support companies that were affected by the global slowdown.

The Minister announced this when he addressed the second day of the debate on the State of the Nation Address in the National Assembly.

The debate comes after the President delivered his State of the Nation Address to the nation in Parliament last Thursday, with an emphasis on a turnaround strategy to put the economy on a path of growth.

The Minister said South Africa was faced with new headwinds and storms and this required more to be done to turn the situation around.

He said to support industries in distress, government was working with the steel industry to stabilize production and reduce job losses and improve competitiveness.

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