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South Africa extends COVID-19 loan scheme deadline by three months

South Africa extends COVID-19 loan scheme deadline by three months

SOUTH Africa has extended by a further three months the deadline of a loan scheme that is central to efforts to counter the economic impact of the COVID-19 pandemic, according to the Treasury. President Cyril Ramaphosa announced the bank loan scheme for businesses, worth up to 200 billion rand ($13.72 billion) in total and partly guaranteed by the government, in April 2020. The availability of the loans in the scheme has been extended to July 11, from an earlier deadline of April 11, the Treasury said in a statement issued jointly with the South African Reserve Bank and the country's…
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Bulk of loans in S.Africa’s COVID crisis scheme to stay untapped, say banks

Bulk of loans in S.Africa’s COVID crisis scheme to stay untapped, say banks

A credit scheme central to South Africa's efforts to counter the economic impact of the coronavirus is on course to pay out less than a tenth of the loans it is offering, the country's banking association said yesterday. President Cyril Ramaphosa announced the scheme, worth up to 200 billion rand ($13.4 billion) in bank loans partly guaranteed by the government, in April. It aims to encourage banks to lend more, on more favourable terms, to businesses whose operations have been affected by the pandemic, which has hit South Africa far harder than any other African nation. But so far it…
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Coronavirus pandemic sparks surge in firewood use in rural Kenya

Coronavirus pandemic sparks surge in firewood use in rural Kenya

KAGONDU NJAGI AFTER selling another bundle of firewood to his latest customer, Augustinoa Kinyua whistled as he made his way back to the spot where he had been preparing his field for planting. Usually, Kinyua supports his family by growing and selling crops such as maize, beans and bananas on his farm in the central Kenyan village of Nkuthika. But these days, he finds there is more money in firewood, as families hit by the economic impact of the coronavirus pandemic turn away from natural gas toward more affordable, readily available wood for cooking and heating their homes. "My customers…
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Trillions in investments, thousands of jobs to help Africa’s 2nd biggest economy recover from COVI-19 devastation

Trillions in investments, thousands of jobs to help Africa’s 2nd biggest economy recover from COVI-19 devastation

AFRICAN MIRROR REPORTER  SOUTH African president has unveiled a bold multi-trillion rand programme to revive an economy battered by the COVID-19. In a special address to Parliament, Ramaphosa said to recover from COVID-19, South Africa has to unleash the full potential of its economy by, among others, implementing necessary reforms, removing regulatory barriers that increase costs and create inefficiencies in the economy, securing our energy supply, and freeing up digital infrastructure.  He said the plan directly responds to the immediate economic impact of COVID-19 by driving job creation and expanding support for vulnerable households. This would be done through a…
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