Department of Trade and Industry Minister Ebrahim Patel said on Thursday that they had set up a R3.9 billion package to assist businesses to rebuild following recent looting and destruction.
He said the fund would likely grow as they were engaging with big businesses to support businesses saying there had already been a pledge of R50 million.
He said data from surveyed businesses indicated that only 60% were covered by insurance for the damage caused.
Patel broke down the financial contributions, saying, “The Department of Trade and Competition and the Department of Small Business Development has reprioritized R1 billion of funding from other programmes, which will be shifted now to this response fund. This has been supplemented by the R1.3 billion National Treasury will make available.”
The rest of the money would be raised by the National Empowerment Fund and the Industrial Development Corporation.
On Wednesday, Treasury announced that it would raise R36 billion for the package through tax collections. The R3.9 billion was an addition to the amount.
-EWN
In other news – SO SAD: Limpopo woman kidnapped while looking for lift at Sasol garage, gang raped for 19 days & dumped in Mpumalanga
A woman is traumatized after she was kidnapped and repeatedly raped over 19 days. The woman said her horrific ordeal started on 4 July, when she got a lift from three men she met at a filling station in Tzaneen, Limpopo.
She said she thought they would drop her off near her house but they kidnapped her and turned her into a s.e.x slave. The 26-year-old farmworker said she had earlier been shopping at Tzaneen Mall. Learn More
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