Gauteng Financial MEC Jacob Mamabolo has announced that the province is now well placed to proceed with the establishment of a state-owned bank and a state-owned pharmaceutical company.

These plans were originally announced by the premier during his 2023 State of the Province address. Mamabolo stressed that the pharmaceutical company would strengthen the health sector, while the state-owned bank would provide tailor-made financing options to support township entrepreneurs.

Mamabolo mentioned that the necessary legal diligence reports were received, which eliminated the legal issues and provided the government with the legal framework for the establishment of these entities. The next steps involve consultations with the MEC of Health, the economic development team and relevant executives to further advance the process. The province is optimistic about continuing these initiatives aimed at strengthening the local economy and improving access to finance and healthcare services.

source:Gauteng one step closer to opening up state-owned bank and pharma company (afrinuus.com)