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Much less than one-fifth of the R364.4bn pledged at second SA Funding Convention has reached SA

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Much less than one-fifth of the R364.4bn pledged at second SA Funding Convention has reached SA

Only 19% of the funds pledged at some stage in President Cyril Ramaphosa’s second funding conference include flowed into SA’s financial system.

Ramaphosa has published that of the R364.4bn in funding commitments announced by 71 companies at the 2019 SA Funding Convention, comely R69bn — 18.9% of the total fee — had if truth be told arrived, as per reports got from companies.

Early Newspaper

Ramaphosa acknowledged 60 of the 71 companies had been guilty for the R69bn funding in-drift.

“This figure is per quarterly updates got straight from the companies and contemplate the status quo as at January 31 2021,” he acknowledged.

Ramaphosa published this in a written reply to a parliamentary question published on Wednesday. He was responding to DA MP Manny de Freitas, who wanted to take cling of how grand of the R364bn funding commitments has been invested to date, by what number of companies, and on what dates the investments had been made.

“What is the nature of such investments in each and every case and the plan include the investments contributed to the financial system to date?” he asked.

Ramaphosa’s response reveals that companies in tourism and hospitality, renewable energy, oil and gasoline, the  oceans financial system, car and infrastructure had been amongst those that needed to date contributed.

Ramaphosa acknowledged the 2019 funding announcements had been at various levels of progress and implementation, and included status clearances, installation of bulk infrastructure, commissioning of plant equipment, and manufacturing unit launches.

“These actions are contributing to the creation of jobs and economic pattern across provinces,” he acknowledged.

Ramaphosa hosted the second SA Funding Convention in Johannesburg in November 2019.

TimesLIVE

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Much less than one-fifth of the R364.4bn pledged at second SA Funding Convention has reached SA