DURBAN - South African bank First National Bank (FNB) has received $50 million from the DEG to be used for the development of the small to medium (SME) businesses in South Africa.
The Deutsche Investitions - und Entwicklungsgesellschaft (DEG) is a development finance institution with a mission to promote private sector enterprises in developing and emerging market countries as a contribution to sustainable growth and better living conditions.
The corporation was founded in 1962 and it currently has its headquarters in Cologne, Germany. The CEO of FNB Business Miike Vacy-Lyle said, "The new line of funding contributes to our ongoing efforts to accelerate our contribution to SME development in South Africa".
He added that they believe that SME's are the key to stimulating economic growth and job creation and that their intervention in the development in SME's is not limited to funding, but they also invest to improve capacity and supplier development capabilities in small businesses.
According to the ban, they continue to pioneer products and services that have taken the agony out of South African entrepreneurs including free instant accounting services to online documents reservation services amongst other things.
"Our message to entrepreneurs is that we remain committed to providing meaningful solutions to help them grow," said Vacy-Lyle.
According to the CEO, FNB has exciting developments that will take them further in their journey, all aimed at progressing the SME agenda by taking the angst out of doing business
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