The Portfolio Committee on Trade and Industry engaged with two of its oversight entities for a briefing on economic recovery plans in the face of the Covid-19 pandemic. The National Employment Fund (NEF) and the Independent Development Corporation (IDC) yesterday both presented plans on their programmes to support economic reconstruction and recovery.
The NEF told the committee that in addition to the R400 million Covid-19 relief packages, the NEF will approve R160 million for the Women Empowerment Fund from the Department of Trade, Industry and Competition (DTIC). The total funding of approximately R560 million will be made available to black-owned-and-managed businesses. The NEF's Black Industrialist programme received a R200 million endowment from the DTIC for concessionary funding of black businesses to manufacture and supply healthcare products and essential foods in fighting the Covid-19 pandemic.
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