Commercial bank Barclays Africa will in this financial year raise close to R3-billion that will result in small and medium enterprises across the continent receiving loans at favourable rates.
The money will also be used for education and skills development programmes.
Barclays Africa chief executive Maria Ramos said R1.4-billion will be invested in education and skills training‚ while R1.3-billion will be used to bankroll SMEs.
She said the fund will assist SMEs to access finance through corporate supply and distribution chains at cheaper rates using innovative technology.
She said statistics showed that 90% of the unemployed are without a skill or matric.
“We hope to help improve the chances of many young people to find employment or to eventually start their own businesses‚” she said.
Ramos said it was vital to educate the youth because a semi-skilled or unskilled labour force cannot help the country achieve the ambitions of its young population and compete in a fast-innovating world.
TMG Digital/Sowetan
Barclays Africa to raise R3bn for loans and skills development for SMEs
Commercial bank Barclays Africa will in this financial year raise close to R3-billion that will result in small and medium enterprises across the continent receiving loans at favourable rates.
The money will also be used for education and skills development programmes.
Barclays Africa chief executive Maria Ramos said R1.4-billion will be invested in education and skills training‚ while R1.3-billion will be used to bankroll SMEs.
She said the fund will assist SMEs to access finance through corporate supply and distribution chains at cheaper rates using innovative technology.
She said statistics showed that 90% of the unemployed are without a skill or matric.
“We hope to help improve the chances of many young people to find employment or to eventually start their own businesses‚” she said.
Ramos said it was vital to educate the youth because a semi-skilled or unskilled labour force cannot help the country achieve the ambitions of its young population and compete in a fast-innovating world.
TMG Digital/Sowetan
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