$1bn NDB loan to help create employment

$1bn NDB loan to help create employment

JOHANNESBURG - SOUTH Africa’s ambitious job creation drive spearheaded by President Cyril Ramaphosa has received a $1 billion (R14.5bn) cash injection from the BRICS Bank to help the country fight rising unemployment levels. The New Development Bank (NDB) yesterday approved a $1bn second Covid-19 emergency loan to South Africa in less than a year to support economic recovery. The NDB said the loan would finance the creation of employment opportunities in South Africa, in particular the first phase of the Presidential Employment Stimulus (PES). “The loan will finance creation of employment opportunities in South Africa, in particular the first phase of the PES, together with social protection measures for active labour market participants that temporarily lost their jobs, in order to help them remain in the labour market,” it said. Unemployment in South Africa has reached unprecedented levels, pushed higher by the impact of the Covid-19 pandemic, with the rate of joblessness standing at 32.5 percent at present. The pandemic saw the number of unemployed persons increasing by 701 000 to 7.2 million in the fourth quarter of 2020, while …
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