26 November 2000
Gauteng MEC for Finance and Economic Affairs Mr. Jabu Moleketi, and Managing Director of Standard Corporate and Merchant Bank (SCMB), Mr. Myles Ruck, will be signing an agreement, the first of its kind between the provincial government and the financial institution.
The Standard Corporate and Merchant Bank, for the second time, was the preferred bidder to render banking services to the Gauteng Provincial Government for a period of 5 (five) years, for the period 1 April 2000 to 31 March 2005. The tender was awarded subject to certain additional terms and conditions.
The conditions of the agreement are that Standard Corporate and Merchant Bank will, amongst others, provide training and development programs for the province, meet certain SMME procurement and lending targets, contribute to social investment programmes, for example, Gauteng Provincial Government/Standard Corporate and Merchant Bank Reconstruction RDP) fund etc.
The uniqueness of this agreement lies in the setting out of clear roles and responsibilities of the two parties. It also carries penalties for non-compliance. The provincial government is beginning to use its purchasing power to influence business practices.
Venue:
Matlotlo House, 94 Main Street (cnr.Harrison),
and 7th floor
Date:
28 November 2000
Time:
10 a.m.
For more information contact: Phetole Kubjane @ (011) 355
8481/082 564 7787
Issued by the Gauteng Department of Finance and Economic Affairs