In South Africa, global investment bank JP Morgan Chase & Co has formed a $20 million fund for black-owned businesses, indicating that global investment banks are still investing in the country despite its sluggish economic progress in recent years.
According to the bank, the fund was formed in collaboration with South Africa’s Department of Trade, Industry, and Competition (DTIC).
During a video conference, Kevin Latter, JPMorgan’s senior country officer in South Africa, said, “The South African private sector has significant capacity to magnify impact through partnerships, as we are aiming to achieve with the DTIC.”
The fund will be disbursed as short-term loans for three to four months and long-term loans for two to five years.
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