Small- and medium-sized enterprises (SME's) with strong empowerment credentials are set to benefit by an estimated R280m a year in the high-value sectors of SA's fishing industry under draft fisheries policies.
South Africa's credit insurance industry is set for a shake-up, with French company Coface, the world's third-largest credit insurance company, buying 100 per cent of local credit insurance firm Credit Underwriting Agency Limited (Cual).
International rating agency Global Credit Rating Co (GCR) has reaffirmed Credit Guarantee Insurance Corporation's (CGIC) claims paying ability rating of AA (double A), the company announced on Tuesday.
Coface buys 100% of CUAL, a leading South African Underwriting Agency, and opens a local subsidiary to support its first direct credit insurance operations on the African continent.
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, will focus on black economic empowerment (BEE) and small- and medium-sized enterprises (SMEs) in South Africa, Peter Woicke, World Bank managing director
Greater interest in microlending by retail and commercial banks and increased microfinancing by private firms have pushed microlending activity to record levels, both in the value and number of microloans disbursed.
Khula Enterprise Finance reported a 40 per cent increase in the value of disbursements to small- and medium-sized enterprises (SMEs) during the one year period until March 2004, which totalled 280 m Rand.
The Banking Council of South Africa Debtor Financing Committee (incorporating the old Association of South African Factors and Discounters) held its second Annual General Meeting at the Council’s offices in Sunnyside Ridge, Parktown on 20 October
According to the Banking Council of South Africa, nearly 1,200 businesses made use of debtor financing services in 2003; the total value of invoices financed increased by 63%, to R10.9bn (US$1.69bn).
The state-owned Export Credit Insurance Corporation has lost business because of the inability of South African banks to source loans in dollars for foreign purchases of South African exports.
