Mixed reaction to SAA's R3.5 billion bailout from DBSA | IOL News

Johannesburg - The Development Bank of Southern Africa’s R3.5 billion lifeline to cash-strapped South African Airways has been received with mixed reactions with questions being raised about the conditions behind the loan.

The Democratic Alliance has pushed back strongly and questioned the basis for the deal and what it means for taxpayers. DA MP Alf Lees said he would be writing to the Minister of Trade and Industry Ibrahim Patel about the deal. He said DBSA could possibly be shifting money meant for meaningful development projects that could create employment.

“Given the fact that the bank falls under the mandate of Minister Patel, the onus rests on him to come clean on the details of this loan

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DBSA comes to the rescue of SAAThe cash-strapped airline was placed into voluntary business rescue late last year. Who authorized that?...Tito or cyril? So the DBSA not investing in development Sell it, privatise it, you will save more jobs! Where are the funds coming from?
Source: eNCA - 🏆 49. / 51 Read more »

SAA gets R3.5bn lifeline from Development BankEmbattled national carrier SA Airways (SAA) has secured R3.5bn in funding from the Development Bank of Southern Africa. Er...but DBSA is owned by the SA guavament, ie the SA taxpayer. So Joe Taxpayer is getting screwed anyway. Now MPs, past and present, can continue with thr free rides at tax payers expense 🙄🙄 GovernmentZA ParliamentofRSA tito_mboweni CyrilRamaphosa SamuelLJackson MYANC SACP1921 _cosatu OUTASA Development bank was created to fund roads, dams, bridges, and other development infrastructure that falls under the category of 'public goods.' Loss of fucus, causes loss of funds. Moody's, please downgrade he them today
Source: TimesLIVE - 🏆 28. / 59 Read more »

SAA gets R3.5bn emergency funding from state-owned bank | IOL Business ReportCash-strapped SAA will receive R3.5 bn of emergency funding from the Development Bank of Southern Africa, the airline's business rescue practitioners said. ? HOW DO YOU PAY IT BACK Rescue...... We as South Africans will need to be rescued after this.... Worse decision ever made... What could that money have saved at Eskom?
Source: IOL - 🏆 46. / 51 Read more »

Development Bank comes to SAA’s rescue with R3.5bn loanThe loan ensures the airline keeps flying and ends a frantic month-long search for funds SAA needs to close it's doors. South Africa needs to go 'open skies'. The influx of tourist will be huge. ACSA will do huge business. The nett benefit to the country will be bigger that that achieved by rescuing SAA! And I thought DBSA is to fund development projects and not to bail out tax draining operations 'The taxpayer comes to SAA's rescue'.....fixed the headline for you
Source: BDliveSA - 🏆 12. / 63 Read more »

SAA gets emergency funding from development bankCash-strapped state carrier South African Airways (SAA) will receive R3.5bn of emergency funding from the Development Bank of Southern Africa, the airline's business rescue practitioners said on Tuesday. They should just buy SAA. We thank the Lord If all we can get funders easily as SAA🤔
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Business Maverick: Development Bank gives SAA wingsSAA has burnt through R2bn of funding in less than 60 days. Instead of the agreed-upon R2bn, R3.5bn has been secured to keep SAA in the air. One wonders how much more will have to be coughed up before the airline becomes sustainable?
Source: dailymaverick - 🏆 3. / 84 Read more »