SA SMEs to get R325m from banks

JOHANNESBURG – South Africa’s state-owned Industrial Development Corporation (IDC) and French firm Thales have arranged a 325 million rand lending facility for small and medium-sized firms (SMEs) in the country, the IDC said yesterday.

The five-year facility is part of the IDC’s strategy to support SMEs and create jobs in poorer parts of South Africa, in line with government efforts to stamp out poverty and boost economic growth. Calyon, the corporate and investment arm of French bank Credit Agricole SA, was also supporting the facility, the IDC said.There were no further details.-Nampa-ReutersCalyon, the corporate and investment arm of French bank Credit Agricole SA, was also supporting the facility, the IDC said.There were no further details.-Nampa-Reuters