According to reports, South Africa’s Industrial Development Corporation (IDC) has approved four loan applications worth R70 million ($8.4 million) that have been submitted by textile and apparel companies as part of a government bid to protect the struggling sector.

The government has reportedly pledged a total of R5 billion in loans for the industry in order to prevent further closures and job cuts; however, some feel the help may be too little too late.

The loans are likely to be used primarily to update machinery and technology, which would help to improve efficiency and output.

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