THE National Empowerment Fund disbursed more than R500 million to businesses in its financial year ended March 2010, a performance the organisation says is satisfactory.
The NEF was established in 2005 to promote and facilitate black economic equality and transformation. Its mandate was for it to be the catalyst of broad-based black economic empowerment (BB-BEE).
Chief financial officer Andrew Wright said yesterday: "It was a satisfactory year in light of the economic conditions. We had a good year in terms of investments and approvals."
Wright and investment officer Frencel Gillion said the company had disbursed R502 million to 44 businesses.
Wright also said that the NEF was in a position to sustain itself even if it did not receive funding from the national Treasury.
"About 90 percent of the funds disbursed went into seed capital and expansion of black-owned businesses," said Gillion.
The NEF's Strategic Projects Fund invested a total of R46,5 million during the year under review, bringing the total invested by this fund to R52,5 million since inception in transactions expected to be currently worth R615million at equity closure.
The company further attributed its current success to the successful conclusion of the Asonge MTN bonus shares worth a total of R139 million to 82,000 shareholders.
NEF pays out R500m for empowerment
THE National Empowerment Fund disbursed more than R500 million to businesses in its financial year ended March 2010, a performance the organisation says is satisfactory.
The NEF was established in 2005 to promote and facilitate black economic equality and transformation. Its mandate was for it to be the catalyst of broad-based black economic empowerment (BB-BEE).
Chief financial officer Andrew Wright said yesterday: "It was a satisfactory year in light of the economic conditions. We had a good year in terms of investments and approvals."
Wright and investment officer Frencel Gillion said the company had disbursed R502 million to 44 businesses.
Wright also said that the NEF was in a position to sustain itself even if it did not receive funding from the national Treasury.
"About 90 percent of the funds disbursed went into seed capital and expansion of black-owned businesses," said Gillion.
The NEF's Strategic Projects Fund invested a total of R46,5 million during the year under review, bringing the total invested by this fund to R52,5 million since inception in transactions expected to be currently worth R615million at equity closure.
The company further attributed its current success to the successful conclusion of the Asonge MTN bonus shares worth a total of R139 million to 82,000 shareholders.
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