NEF seeks Mbn to fix capital shortage, BUSINESS DAY (Late Final)
NEF seeks Mbn to fix capital shortage, BUSINESS DAY (Late Final)
CAPE TOWN — The National Empowerment Fund (NEF) is in the final stages of negotiating a loan facility of Rlbn from an undisclosed development finance institution to address its shortage of capital. CEO Philisiwe Buthelezi said in the fund's annual report tabled in Parliament last week that the loan was “imminent” following positive discussions with the departments of trade and industry and economic development as well as the Treasury. NEF communications manager Moemise Motsepe yesterday confirmed that the transaction was in its final stages. He was confident that it would be concluded soon. Such a loan would accord with the sentiments President Jacob Zuma expressed in his state of the nation address in June. He noted that while the total assets of the development finance institutions came to about R230bn their effect on development had not been sufficiently broad-based.
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