FILE PHOTO: Ithala SOC Limited office in Durban, the bank has become instrumental in rural communities. PICTURE: Supplied
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0 DURBAN: Ithala SOC Limited will work closely with the community leaders, local organizations and relevant stakeholders.
Ithala SOC Limited has entered into a historical collaboration that will bring in an investment of R300 million between His Majesty, King Misizulu kaZwelithini, You Foods and the Industrial Development Finance Corporation (IDFC). In a statement issued by the bank, the aim of this partnership is “to address food insecurity in the province of KwaZulu-Natal and to create jobs whilst improving the economy.”
In an event held in Durban, where the bank and King Misizulu outlined their collaboration efforts, King Misizulu emphasize the creation of a state bank to accelerate poverty alleviation.
“We will continue to support the creation of state banks; we believe that Ithala needs a current model as Ithala has been over the years supporting the creation of wealth for ordinary citizens in KZN,” said King Misizulu.
Ithala stated that they possess a mutual commitment with all the collaborators when it comes to the well-being of communities and economic success within the province of KwaZulu-Natal.
“This is why they aim to use their investment of R300 million to tackle hunger and improve the economy through the creation of jobs, thus making sure that the investment made is used for the betterment of the people,” the bank explained.
The potential of Public-Private collaboration is reflected in this groundbreaking collaboration as it encourages change and highlights Ithala’s unwavering commitment to improving the well-being of the people of KwaZulu-Natal. This partnership is expected to create more than ten thousand sustainable jobs.
According to the chief executive officer of Ithala SOC Limited, Dr Thulani Vilakazi, “We are very pleased to have partnered with the office of the king, as Ithala. We will continue to work together with other organizations to promote wealth creation and provide job opportunities for the people of KZN.”
“This partnership with the office of the king serves as a benchmark to attract offices and other organizations to work with Ithala in every corner of our province,” he said.
Ithala SOC Limited will work closely with the community leaders, local organizations and relevant stakeholders to ensure that the distribution of food resources is efficient, fair and responsive to the specific needs of each community.
The first financial service institution to provide banking services to the townships and rural areas of KZN and provide a range of key savings and investment products, insurance services, and personal along with home loan products to communities throughout the province.
A distribution network of 36 Ithala branches in KZN provides convenient transacting facilities, they stand as the pioneers in banking the unbanked in KZN.
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