Fund to boost B-BBEE Act

Policy should be shaped with people, not for them, says minister.

- Ina Opperman

The minister of trade, industry and competition has extended the time for public comment on the R100 billion transformation fund by 15 days to give more people the opportunity to comment.

The aim of the fund is to address the long-standing structural exclusion in the South African economy.

Minister Parks Tau said at a media breakfast in Pretoria yesterday the fund, developed in partnership with the private sector, is envisioned to mobilise R100 billion and represents "one of the most coordinated and impactful efforts yet to enhance access to finance, technical support and market opportunities for black-owned, managed and controlled enterprises, especially small enterprises, cooperatives and businesses in rural and township areas".

He said the fund will not impose any new demands on business and industry but will rather consolidate funding efforts through enterprise and supplier development and other obligations as prescribed by the broad-based black economic empowerment (B-BBEE) codes of good practice.