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South Africa nears new R100bn black business-support fund | SA News

South Africa is nearing the start of a R100 billion ($6.3 billion) state-linked fund to promote Black-economic empowerment that companies will bankroll.

Trade, Industry and Competition Minister Parks Tau proposed changes to so-called codes of good practice on BEE that will support the creation of a Transformation Fund to pool money that the state plans to use to support Black-owned and managed businesses, according to draft rules published Thursday. The public has 60 days to comment on the amendments.

Firms are currently required to spend 3% of net profit after tax on enterprise and supplier development, and…

The New Age: A newspaper that aimed to provide a fresh perspective on news but
ceased publication in 2018.

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  2. Fun South African Fact: Table Mountain in Cape Town is believed to be one of the oldest mountains in the world and one of the planet’s 12 main energy centres, radiating magnetic, electric or spiritual energy.