By Rizwan Sayed
INDIA: Fox Petroleum and their JV Partners are looking to push the growth in the development of South Africa with a 123 Billion Rand Investment. A proposal has been given to H.E. Cyril Ramaphosa, President of the Republic of South Africa. The major sectors that Fox focuses on are – Ports, Oil Tank Farm, Solar Panel manufacturing, and Farmer’s loans.
South Africa is churning from black-out as the electricity supply has been a big problem. The South African energy crisis is an ongoing period of widespread national blackouts of electricity supply. The investment from Fox to establish a dual-fuel electricity plant at six locations is a planned and engineered solution to this crisis. Going ahead with the Solar Panel manufacturing and installation offered to farmers and middle-class houses in six easy installments is another fix that FOX and its JV partners propose to negotiate this problem.
The other major sector proposed is Capital Insertion in the market through banks. below is an extract from the proposal that was presented:-
“3. Agriculture is needed for the Country, it is unavoidable, for the farmers – we can assist financial institutions and Banks with funding – by providing loans to Banks or Financial Institutions to fund the farmers further – a maximum amount of USD 2 Million for one farmer on the basis of land collateral worth 300 Percent of the principal amount. The bank will release the fund we released, and interest earned will be shared between Fox 70: 30 Local Bank. What we need from the bank is on disbursement of USD 100 Million we need a guarantee in bond from the bank and guarantee that even if they don’t disburse the loan, we need 7% of interest per annum. On default of farmer payment of the loan, the bank will credit the same amount without any hindrance to us.”
On this occasion, Fox Petroleum Group Chairman Dr. Ajay Kumar, said, “Lending is a habit, not a choice”
