R1.5 Billion Package To Support Business Impacted By July Looting

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The July unrest and looting has had a catastrophic impact on many businesses in KwaZulu Natal and Gauteng.


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The July unrest and looting has had a catastrophic impact on many businesses in KwaZulu Natal and Gauteng.
Looted stock and goods have left many businesses without products to sell and without any means of revenue generation. People have also lost their jobs as the businesses try to recover from the impact of the looting.
The Minister of Trade, Industry and Competition Ebrahim Patel announced that R1.5 billion would be used to support businesses that were impacted by the looting. He explains that the money will be provided by the Industrial Development Corporation (IDC), the Solidarity Fund and the National Empowerment Fund (NEF).
Patel says that the money will be split into 123 separate payments and would be distributed to 320 businesses which were impacted by the looting. He gave an example of how the funds are going to be distributed.
The minister said, “We have also worked with associations and groups. In the sugar industry, we got an application from sugar farmers whose cane was burnt and R85 million was made available to cover 192 sugar farmers. This has been approved and will get to the final beneficiary,”.
Earlier this month National Treasury announced R3.9bn will help boost the South African Special Risk Insurance Association (Sasria) finalise the remaining backlog of claims. The insurer has already paid out above R5.8 billion in insurance claims related to the July unrest.

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