Latest news with #KwaZulu-NatalEconomicDevelopment
IOL News
14-05-2025
- Business
- IOL News
Understanding the Banks Act exemption: MEC Zondi's insights on Ithala
KwaZulu-Natal Economic Development, Tourism and Environmental Affairs (Edtea) MEC Reverend Musa Zondi. Image: Sibonelo Ngcobo/ Independent Newspapers KwaZulu-Natal Economic Development, Tourism and Environmental Affairs (Edtea) MEC Reverend Musa Zondi has discussed issues surrounding the Banks Act exemption and the banking licence and how these affect Ithala SOC Limited. Zondi discussed the two topics during a media briefing called by the KZN government, led by Premier Thamsanqa Ntuli. Ithala SOC Limited CEO Dr Thulani Vilakazi was also present. Zondi explained that there is a provision in the Banks Act for an exemption to be granted to certain institutions, such as Ithala SOC, to operate as a fully-fledged bank without having to acquire a banking licence. 'That has been the case from day one until the powers that be decided that they were no longer going to grant it,' Zondi said. 'Denying extending the exemption to Ithala SOC may as well cause an amendment to the Banks Act to do away with the exemption regime.' Zondi said they are making Ithala operational because they are working within the law governing the banks in South Africa. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ He said he has been a parliamentarian since 1994, and from 1994, there has been a persistent call from parliamentarians that a state bank should be established. 'There has been no success to date. Ithala is the only, if you like, existing state bank which has been successful,' Zondi said. 'So why kill something that is already successful?' On Ithala's acquisition of a banking licence, Zondi explained that the reason they needed to acquire a banking licence is to comply with the current situation where the Prudential Authority has withdrawn the bank's ability to operate. 'As parliamentarians, when we drafted that Act we drafted it with state institutions like the land bank and others (in mind), will they need a commercial licence, do you need to privatise them. No, you don't need to privatise them and therefore that exemption clause was put in there,' Zondi said.
IOL News
28-04-2025
- Business
- IOL News
KwaZulu-Natal's ambitious plans for direct international flights to enhance tourism
KwaZulu-Natal Economic Development, Tourism and Environmental Affairs (Edtea) MEC Reverend Musa Zondi. Picture: Facebook/Edtea Image: Facebook / Edtea THE KwaZulu-Natal government has announced ambitious plans to attract international visitors to the region, including securing direct flights from key tourism and business destinations in Europe and Asia. MEC for Economic Development, Tourism and Environmental Affairs (Edtea) Musa Zondi said they are working to secure direct flights to Durban from France and the United Kingdom, among other priority destinations. He made these revelations while tabling his budget for the 2025-2026 financial year. He described the budget as rooted in urgency, guided by policy, and driven by delivery. According to Zondi, tourism is one of KZN's greatest economic assets, and they are repositioning it not just as a sector but as a strategic pillar of economic recovery and regional development. 'In 2024, the province welcomed 3.2 million domestic visitors and 620,000 international visitors, generating over R2 billion in revenue. This success is not accidental; it is the result of consistent investment in tourism infrastructure, marketing, events, and destination readiness,' he said. 'We are working closely with relevant stakeholders to grow KwaZulu-Natal's air connectivity. King Shaka International Airport remains a strategic asset, and we are pursuing partnerships with global carriers, including efforts to secure a direct route from Air France, as well as exploring new routes to India and the United Kingdom.' Zondi also mentioned that the department is supporting the repositioning of regional airports to boost domestic access, unlock regional tourism circuits, and stimulating new investment corridors. They have already started work in Margate, Newcastle, and Richards Bay airports. He said Richards Bay is poised to embark on a new expanded airport in keeping with rapid local industrial developments in the area. The Prince Mangosuthu Buthelezi Airport in Ulundi has undergone vital repairs to its terminal facilities, improved safety compliance, and has received an additional R500,000 allocation for firefighting infrastructure and hangar refurbishment. The Mkhuze Airport, in the heart of northern KZN, is also being developed toward CAT 4 compliance, with plans underway to procure Aircraft Rescue and Fire Fighting (ARFF) vehicles, said Zondi Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Hannah Lidgett, DA MPL and KZN spokesperson on Economic Development, Tourism and Environmental Affairs, said KZN is rich in all the ingredients that make for a world-class tourist destination: miles of beautiful beaches, rolling valleys and hills, the majestic Drakensberg, and rich cultural heritage. 'We just need to get our tourism strategy right. We know that our natural heritage is unrivalled, and that the success of our tourism economy is directly linked to our ability to maintain and protect our natural heritage,' she said. Lidgett, who sits on the Economic Development and Tourism Committee in the KZN Legislature, noted that KZN was once the golden goose for tourism. 'Today, not only has that goose stopped laying eggs in our province – it has migrated to the Western Cape. One of the main problems is eThekwini's chronic water pollution. Six major beaches recently registered dangerously high E. coli levels, and Laguna, Doonside, and Winkelspruit beaches were closed before Easter.' She said Edtea currently has three criminal cases against eThekwini, including those against senior officials, which have been ongoing since January 2022 and remain unresolved. 'This inertia emboldens negligence and environmental mismanagement. The National Prosecuting Agency needs to finalise these criminal cases and hold responsible officials accountable. Edtea must ensure that this comes to a conclusion; otherwise, what is the point of the National Environmental Management Act?' she asked. Chairperson of the Economic Development and Tourism Committee committee, Mafika Mndebele, expressed support for the budget and the plans presented by the department.
