Last month the South African government announced the launch of a R2 billion ($136 USD) fund to support small business start-ups focused on creating employment opportunities for the nation.
The fund, known as the Project Development Partnership Fund (PDP) was established “through a joint venture between the Public Investment Corporation (PIC) and Unemployment Insurance Fund (UIF) – an entity of the Department of Labour.” According to the Minister of Labour Mildred Oliphant, the fund is expected to create and support over 10,000 jobs.
The PDP will focus on offering “funding to create and grow small businesses, therefore creating new companies, create companies in specific sectors such as agribusiness and bio-science, mining and beneficiation, manufacturing and ICT, social infrastructure, water and related services, financial services, and youth innovation, and invest in PIC Youth Fund, affordable housing and infrastructure funding.”
The Minister added that “the fund will also be focused on investing in projects which are focused on addressing South Africa’s socio-economic challenges through technologically advanced value propositions which are aligned to 4th industrial revolution.”
