Pretoria: Deputy President Paul Mashatile will on Monday participate in a business breakfast engagement session focused on the Transformation Fund. The Transformation Fund is a significant initiative designed to expedite transformation and support black-owned and black-managed businesses in various sectors across South Africa.
According to South African Government News Agency, the session will be hosted by the Minister of Trade, Industry and Competition, Parks Tau, at the Freedom Park Heritage Site and Museum in Pretoria. The meeting is organized in conjunction with the National Empowerment Fund and aims to provide valuable insights into the fund. Its objectives and scope of benefits include promoting economic transformation by enabling meaningful participation of black people in the economy through financial and non-financial support to black-owned enterprises.
The Presidency, in a statement released on Sunday, highlighted that the Transformation Fund also seeks to enhance access to funding for black-owne
d and controlled enterprises, particularly small, medium, and micro enterprises (SMMEs) and cooperatives. Additionally, it aims to aggregate resources from existing Enterprise and Supplier Development (ESD) obligations to support the sustainability and growth of black-owned businesses. The fund also strives to mobilize financial resources from both the private and public sectors using Broad-Based Black Economic Empowerment (B-BBEE) legislation.
Last month, Minister Tau announced the extension of the deadline for public comments on the Draft Transformation Fund Concept Document.
Source: South African Government News Agency