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South Africa plans R200bn bank-loan guarantee programme

In support of the economy during Covid-19 pandemic.
President Cyril Ramaphosa. Image: GCIS

South Africa will introduce a R200 billion loan-guarantee programme to help banks extend credit to businesses and support the economy in recovering from the coronavirus pandemic, President Cyril Ramaphosa said in a speech broadcast on national television Tuesday.

Read: Ramaphosa’s R500bn Covid-19 relief and stimulus response

The guaranteed will support more than 700 000 business and some banks will start implementing them by the end of the month, Ramaphosa said.

© 2020 Bloomberg

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