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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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