BANTU INVESTMENT CORPORATION ACT Meaning and
Definition
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The Bantu Investment Corporation Act refers to a significant South African legislation enacted in 1959 during the apartheid era. The act was created by the apartheid government with the purpose of establishing a state-controlled financial institution, the Bantu Investment Corporation (BIC), to specifically serve the economic interests of the black South African population. This legislation came as a response to growing economic inequality and racial discrimination in the country at that time.
Under the Bantu Investment Corporation Act, the BIC was established as a government-controlled corporation that provided financial assistance, loans, and investment opportunities to promote economic development within the black community. The act aimed to create economic opportunities for black South Africans within the boundaries set by the apartheid regime, while still maintaining overall control of the white minority government.
However, the Bantu Investment Corporation Act was widely criticized as a tool of apartheid oppression, as it perpetuated economic segregation by limiting black economic empowerment and reinforcing the racial hierarchy. The act further emphasized the government's control over the economic activities and resources of the black population, rather than promoting true economic empowerment and creating a level playing field.
Following the end of apartheid and the establishment of a democratic government in South Africa, the BIC was eventually dissolved, as it represented a symbol of apartheid-era economic discrimination. Nevertheless, the Bantu Investment Corporation Act remains historically significant for its role in shaping economic policy during apartheid.
