South African banks and the government are looking for ways to boost take up of an up to 200 billion rand ($11.58 billion) loan scheme to help coronavirus-hit businesses, two bank executives and a source close to the discussions told Reuters.
FILE PHOTO: South African Finance Minister Tito Mboweni reacts as he arrives to deliver his budget speech at the parliament in Cape Town, South Africa, February 26, 2020. Reuters/Sumaya Hisham/File Photo
“There are minor issues around the design,” the source continued, including wording in the terms that has led to banks applying their standard credit procedures and rejecting more applications than anticipated. But concerns arose that the money — 40% of President Cyril Ramaphosa’s 500 billion rand economic stimulus package — was not being fully used after big banks approved only a few billion rand of loans in the first few weeks.
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