South Africa: SABC, Nedbank Sign Loan Agreement

Investment

SABC has signed a five-year loan agreement with Nedbank which will contribute to stabilising the cash strapped corporation."The SABC has now entered into a five-year loan agreement with Nedbank, thus addressing liquidity concerns and significantly improving the stabilisation environment," said SABC spokesperson Kaizer Kganyago.

He said the funds would enable the new leadership of the SABC to begin the process of turning around the corporation. The SABC's interim board, which was established last year after the former board was dissolved, handed over power to the new 12-member board headed by former Minster for Arts, Culture, Science and Technology Ben Ngubane on Wednesday.

The interim board had been focused on stabilising the SABC and helping secure an additional R200 million budget from government as well as a government guarantee of R1.4 billion.

Bua News 13th January 2010