ABSA and the Coega Development Corporation have signed a memorandum of understanding geared at helping construction-focused small and medium enterprises working on the Coega industrial development zone.

The memorandum aims to give these enterprises easy access to finance to enable them to roll out infrastructure and investor services projects in the IDZ.

“Absa's participation is critical for the success of the CDC‘s developmental goals,” CDC chief financial officer Paul Leese said at the signing.

“The CDC will play a largely mentoring and mediating role between the financed SME companies and the bank.

We also understand that Absa‘s involvement has to make business sense more than anything else.”