News Column

Business Coovadia to act as Busa chief transport Boost for black entrepreneurs

February 24, 2014



Cas Coovadia would act as caretaker chief executive of Business Unity SA (Busa) while retaining his position as the managing director of the Banking Association of SA, the business umbrella body said on Friday. Busa said this was to provide strategic support during the transition, after the resignation of Nomaxabiso Majokweni on February 13. Busa said this transition period was crucial as it reshaped itself to provide a united voice for business. Busa said Coovadia's appointment followed consultation with its members and stakeholders, subsequent to Majokweni's resignation. She will work with Coovadia and acting chief operating officer Fergus Marupen to ensure a smooth transition. - Wiseman Khuzwayo

Black entrepreneurs are to benefit from a multimillion-rand Transnet supplier development fund launched in Pretoria on Friday. The newly established Godisa fund is a collaboration between Anglo American's enterprise development arm, Zimele, Transnet and the Small Enterprise Finance Agency. Economic Development Minister Ebrahim Patel said the project highlighted the government's interest in bringing entrepreneurs into the mainstream economy. "This underlines the emphasis, the importance we attach to small business development." "Godisa" is a Setswana word that means "to nurture or to grow". The R165 million fund is intended to empower Transnet's black-owned suppliers. Each of the three institutions contributed R55m towards the fund, which will be managed by Zimele. The project will offer loans and capital advances for the development of Transnet's black-owned suppliers in the manufacturing and services sector. Over a 10-year period, R150m will be used for investment financing and the remaining R15m will be used for support services. - Sapa

Pretoria News


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Pretoria News (South Africa)


Story Tools