Zuma Sets Aside $5.4 Billion for Jobs in South Africa
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South African President Jacob Zuma said the government will spearhead a 39 billion rand ($5.4 billion) job creation drive to ease the unemployment crisis in Africa’s biggest economy.
A 9 billion rand fund will finance job-creation initiatives over the next three years, while the state-owned Industrial Development Corp. will invest 10 billion rand over five years in labor-intensive projects, Zuma said in his annual state-of-the-nation address to Parliament in Cape Town yesterday. The government will also provide “20 billion rand in tax allowances or tax breaks” to boost manufacturing.