Black Business Council president Sandile Zungu says SA needs a plan to transfer 70% ownership and management control of the economy into the black majority's hands by 2030.
Applicants for tourism fund urged to be patient
By Given Majola
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The Department of Tourism has urged applicants for the R1.2 billion Tourism Equity Fund (TEF) to be patient, as the dispute over the qualification criteria for the fund would have to be resolved in court.
The department announced its intention to defend the constitutionality of the fund’s criteria in court.
The TEF is managed on the department’s behalf by the Small Enterprise Finance Agency.
The TEF is intended to fund majority black-owned and black management-controlled tourism enterprises (minimum 51 percent) in accommodation, hospitality and related services, and travel and related services, products and initiatives, through a combination of grant funding, concessionary loans and debt finance to support equity acquisitions and new and expansion developments in the tourism sector.
Tourism Minister Mmamoloko Kubayi-Ngubane said that there had been great interest in the equity fund by thousands of entrepreneurs. However, they d have to wait until the court challenge by Solidarity and AfriForum against the scheme was concluded to move forward.
Minister Kubayi-Ngubane: Dept to defend Tourism Equity Fund in court Updated
Anastasi Mokgobu
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Tourism Minister Mmamoloko Kubayi-Ngubane has reiterated the department s intention to defend the court case around the constitutionality of the Tourism Relief Fund.
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The fund is part of the president’s Economic Reconstruction and Recovery Plan, announced in October last year, in response to the pandemic.
The disbursement of money has been prevented by a court case.
Solidarity and AfriForum launched an urgent application after Kubayi-Ngubane announced the department’s fund which is only accessible to people who qualify for Black Economic Empowerment (BEE).
The minister briefed the media on Monday morning.
Solidarity and AfriForum are ready to challenge Minister Mmamoloko Kubayi-Ngubane and will continue with a court application to have the government’s Tourism Equity Fund declared illegal. On 27 April, the court granted an interdict to the two institutions that prevented the government from paying out any funds pending this court ruling. “We look forward to facing the minister in court. She likes to mention that black-owned businesses suffer and that they should receive help but does not .