South Africa’s financial sector’s committed R100-billion euros over the next five years to support black businesses.
This announcement from President Cyril Ramaphosa addressing the 400 delegates at a job summit says will boost growth and get many of the 5.6 million unemployed South Africans back to work.
On the first of the two-day job summit outside Johannesburg, President Cyril Ramaphosa says much needs to be done to lift the country out of recession.
He’s been preparing the summit since announcing it to Parliament in March.
By invitation only it has 100 delegates each from government, the private sector, unions and community organizations.
Ramaphosa’s at pains to show he is not trying to repackage old ideas.
His Labour Minister Mildred Olifant has called this a moment of truth.
However the head of Business Unity South Africa Sipho Pityane says the summit cannot possibly provide all the answers for reducing the country’s unemployment rate currently in excess of 27%.
At least one union umbrella, the South African Federation of Trade Unions is not attending, saying there is nothing new on offer.
Ramaphosa says he’s looking to create new jobs – starting with 100 000 this year – and to support existing ones.
He’s redirecting capital into labour intensive industries such as agriculture and infrastructure development