• #111 (no title)
  • About Us
  • Contact Us
  • COVID-19 Coronavirus Global Data
  • Home 3
  • Job Dashboard
  • Jobs
  • Log In
  • Post a Job
  • Privacy Policy
  • Privacy Policy
  • Reset Password
  • Sign Up
  • Tenders
  • test
Friday, June 2, 2023
Independent News
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf
No Result
View All Result
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf
No Result
View All Result
Independent News
No Result
View All Result
Home Travel

R1.2bn Fund to boost SA tourism industry

Nhlanhla Ngwenya by Nhlanhla Ngwenya
February 12, 2021
in Travel, Travel News
4 min read
0
Ramaphosa puts Minister on special leave for lockdown lunch

South Africa’s President Cyril Ramaphosa

  • The R1.2 billion Tourism Equity Fund (TEF) is set also assist new black entrants into the sector
  • Initial seed money for the new fund, totaling R540 million, will come out of the Department of Tourism’s budget over the next three years

Mbabane: In a move to bolster transformation within South Africa’s embattled tourism and hospitality industry, the departments of tourism and small business development have joined forces and on Tuesday launched the R1.2 billion Tourism Equity Fund (TEF) to assist new black entrants into the sector.

Money web reported that during the virtual launch of the TEF on Tuesday January 26, 2021, President Cyril Ramaphosa and Black Business Council head Sandile Zungu backed the initiative.

President Cyril Ramaphosa had announced the plans to launch the fund in his State of the Nation Address in February 2020.

The fund aimed at reviving its ailing tourism industry and will be used in particular to help black entrepreneurs start businesses and projects in the sector, Tourism Minister Mmamoloko Kubayi-Ngubane during the launch.

In Eswatini tourism was also most affected by the covid-19 pandemic. In the beginning of covid-19 the industry was affected. The chief executive Officer of Eswatini tourism authority after the lifting of travel restrictions was quoted saying the industry is targeting about 2 billion in tourism receipts. Eswatini business CEO Nathi Dlamini was quotes saying the Industry Needs approximately 100 million bailout package urgently to keep the industry afloat.

The World Travel and Tourism Council 2020 recovery scenarios project that global travel and tourism will have experienced losses of over $2 billion (R30.1 billion) in the best-case scenario, and as much as $5.5 billion [R82.9 billion] in a worst-case scenario.

“Many jobs in the tourism and associated sectors in the value chain have been lost,” he added.

Ramaphosa stressed that the tourism sector, which directly accounts for around 2.9% of South Africa’s GDP and 8.6% indirectly and about 1.5 million jobs

While the economic fallout from the Covid-19 pandemic and lockdowns continues to have an especially devastating impact on the tourism industry at large, a lack of transformation in the sector has been a bugbear for government and organized black business bodies for years.

Initial seed money for the new fund, totaling R540 million, will come out of the Department of Tourism’s budget over the next three years, topped up with financial backing from the Small Enterprise Finance Agency (SEFA) and commercial banks.

“The TEF is a dedicated fund that will provide a combination of debt finance and grant funding to facilitate equity acquisition as well as new project development in the tourism sector by black entrepreneurs,” Tourism Minister Mmamoloko Kubayi-Ngubane said during the launch.

She noted that the fund would be managed by SEFA on behalf of her department over the initial three-year period, after which its success will be evaluated to improve the fund.

“During this three-year period, the Department of Tourism will capitalize the fund with an amount of R540 million,” Kubayi-Ngubane said, adding that Sefa would make an additional contribution of R120 million.

“Around R594 million will come from commercial banks that will be participating in this programme.… This will put the value of the Tourism Equity Fund at just over R1.2 billion.”

‘Rejuvenation’

She said that in the wake of the devastation to the sector caused by the Covid-19 pandemic, government is committed to contributing towards the rejuvenation of the supply side of the tourism market.

“We believe that to deepen the diversification of the tourist attractions, we also have to pay attention to the diversification and transformation of the sector in terms of ownership and management control.

 “Broadening participation in the tourism sector to South Africans of all races, ages and genders can only enrich the tourism sector to be more competitive and sustainable in the long run.”Kubayi-Ngubane said the launch of the TEF is timely and necessary.

“Though the conceptualisation of the fund preceded the pandemic, as it was announced by the president in the 2020 State of the Nation Address, the fund is timely in that it will be instrumental in helping in the recovery and the reconstruction of the sector after the devastating impact of the pandemic,” she noted.

“It is necessary because not only will this fund help us to crowd-in private sector investment in the rejuvenation of the supply side of the tourism market, but it will also help to transform the sector.”

Share2Tweet2Share1
ADVERTISEMENT
Previous Post

Female rapper T.eM L continues to make waves in the music industry

Next Post

Hawks nab KZN teenager for killing cop and stealing his phone

Nhlanhla Ngwenya

Nhlanhla Ngwenya

Related Posts

TUCOSWA reported Eswatini for banning Trade unions gatherings
Local News

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest
Community News

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.
Business

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
Next Post
Hawks nab KZN teenager for killing cop and stealing his phone

Hawks nab KZN teenager for killing cop and stealing his phone

Discussion about this post

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
Ministers Phila Buthelezi and Harries Bulunga pose with stakeholders during the official opening of the 2023 Eswatini Career Expo.

Eswatini Career Expo 2023 promotes skills, entrepreneurship for inclusive economic growth

May 18, 2023
MP Bacede Mabuza arrested for allegedly forging SRA tax clearance certificate

MP Bacede Mabuza arrested for allegedly forging SRA tax clearance certificate

August 5, 2020
Ncaza’s to give evidence in Sipho Shongwe murder trial

‘Ncaza’ watches his footage killing Victor

February 15, 2022
TUCOSWA reported Eswatini for banning Trade unions gatherings

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
Standard bank leads in financing green energy projects

Standard bank leads in financing green energy projects

May 25, 2023
ADVERTISEMENT

PressReleases

Jehovah’s Witnesses ‘pursuing peace’ amid rising global tensions
Press Releases

Jehovah’s Witnesses ‘pursuing peace’ amid rising global tensions

August 10, 2022

Amid global tensions that dominate public attention, Jehovah’s Witnesses have been united with millions of others around the globe for...

Read more
New Scenarios on Global Food Security based on Russia-Ukraine Conflict

New Scenarios on Global Food Security based on Russia-Ukraine Conflict

March 21, 2022
MTN donates US$25 million to the African Union’s COVID-19 vaccination programme

AFRICA BRAND AWARDS: MTN named most helpful private sector brand during the pandemic

May 28, 2021
Close to 1 000 people to benefit in MTN, NAMBoard, SEL CSI projects

NAMBoard’s bid to improve stakeholder engagement programs

May 27, 2021

Stay Connected test

  • 13.6k Fans
  • 5.1k Subscribers

Recent News

TUCOSWA reported Eswatini for banning Trade unions gatherings

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
Standard bank leads in financing green energy projects

Standard bank leads in financing green energy projects

May 25, 2023


ADVERTISEMENT
Independent News

Independent News Eswatini is a registered private media house in Eswatini established in 2007 and is based in Mbabane. We are the fastest growing weekly news publication in Eswatini that seeks to publish, investigative stories that give insight and play the watchdog media role in government politics, uncovering corruption, giving business insights, technology and economic outlook in Eswatini.

Follow Us

Browse by Category

Recent News

TUCOSWA reported Eswatini for banning Trade unions gatherings

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
  • About Us
  • Advertise
  • Privacy Policy
  • Contact Us

© 2020 Independent News - All Rights Reserved

No Result
View All Result
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf

© 2020 Independent News - All Rights Reserved

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In