UPDATE ON ECONOMIC GROWTH AND DEVELOPMENT FUND (EGDF) 2020/2021

MEC for Finance, Economic Development and Tourism Mr Maruping Lekwene wish to welcome the response received in the form of applications from Small, Medium and Micro enterprises (SMMEs) for the Economic Growth and Development Fund (EGDF) across the province. These applications mostly come from the enterprises of young people and women who are at the receiving end of unemployment and poverty in the province.
Thus far, the Department have received more than 600 applications and we are expecting the number to increase exponentially as we conclude the actual audit of the total number of enterprises which are currently being received through postal services. This massive response is as a result of requests made by the members of the public to push back the closing date from the 06 to 24 January 2020. We wish to announce that we have received positive feedback from the applicants since the announcement to push the closing date to 24 January 2020 was made.
 
“I am pleased to announce that the Department has set aside R60 million for the EGDF for the financial year 2020/2021 and I have directed the Acting Head of Department to immediately start the process of appointing a panel of adjudicators so as to get the ball rolling. My wish is to see the process being expedited and concluded within a reasonable timeframe”, said Lekwene
 
Lekwene further emphasised that apart from the R 60 million which is readily available for this financial year, the Department must immediately cut down on unnecessary oversees outbound missions and redirect the rest of the money to service delivery and programmes such as the EGDF which would have an impact on the lives of the people on the ground. This is done in the spirit of ensuring that the Department implement the mandate of building the economy of the province, SMME development, job creation, wealth creation and resolve the persistent triple challenges of poverty, inequality and unemployment.
 
Over and above the issue of funding, MEC Lekwene is also putting his focus on the integrity of the fund and is committed to deal with all the challenges which have bedevilled the fund in the past.
 
“We are mindful of all the challenges relating to the fund, some have been resolved and some are still receiving attention from the team. I will soon be receiving a detailed report which analyses data on the number of enterprises which have applied for the fund, breakdown of the applicants per district, number of enterprises for youth, women and people who are differently abled. Thereafter, I will announce a panel of adjudicators who will oversee the entire process, our approach is to reorganise the mandate of the fund, put in place checks and balances, unlock unnecessary red tape, remove the veil of secrecy and ensure that the process is as transparent as possible. We are engaging in some of these interventions so as to retain public confidence fir this Department and all the related programmes which we are implementing”, said Lekwene
 
We are expecting the team to immediately start with the selection process and will from time to time update the public on the progress made in the implementation of the fund.
 
Issued by Ali Diteme
Spokesperson to the MEC: Finance, Economic Development and Tourism
This email address is being protected from spambots. You need JavaScript enabled to view it.
0538394000
0834529851
 
Thursday, 30 January 2020

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