The Government is set to provide R550m in support of Black Industrialists, Trade and Industry Minister Rob Davies declared in June. This followed a briefing of the Black Economic Empowerment Advisory Council, held at the Union Buildings in Pretoria.
The Black Industrialist Programme “received 107 applications and many of those have been scrutinised, some of those have been sent back for further particulars but five proposals have already been made,” Davies said. He said the funding would be made up of capital support and incentive grants.
Trade and Industry director general Sipho Zikode declared the R550m represented the total number of investments that had been applied for and could be allocated over a few months or years. It depended on the types of projects that entrepreneurs intended investing in.
The Black Industrialist Programme has been implemented by the DTI as a tool to achieve economic transformation by supporting Black Industrialists through deliberate, targeted and well-defined financial and non-financial interventions as described in the IPAP and other government policies. The programme’s development and implementation is in the context of continued patterns of ownership, management and control of strategic resources within the economy being dominated by the white minority.
As set out by the DTI, the term Black Industrialist refers to Black people (as defined in the Codes of Good Practice on Broad-based Black Economic Empowerment) who own and, through significant shareholding, control an enterprise whose goods and/or services are significantly used and have significant impact on decent employment, and create broad-based economic opportunities.
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