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Mashatile sets sights on state bank, – Business Day Live

Mashatile sets sights on state bank, – Business Day Live

THE African National Congress (ANC) in Gauteng is pushing for the creation of a state bank that would function like a commercial bank, to fund “radical economic transformation”, provincial chairman Paul Mashatile said on Tuesday.

The ANC in Gauteng heads to its provincial elective conference this week where it is set to discuss policy proposals aimed at fundamentally transforming the South African economy.

Mr Mashatile, who is expected to be re-elected to his post at the upcoming conference, in an interview on Tuesday said the institutions such as the Industrial Development Corporation did not come close to providing the required finance to create black industrialists and transform the economy. “The state has to put a huge effort financially behind its transformation agenda,” he said.

A number of key individuals including former Reserve Bank governor Tito Mboweni have called for the creation of a larger and deposit-taking state-owned bank. However, criticism has been that SA has a number of development financial institutions linked to the state.


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