Operation Vula Fund: Millions worth of equipment to be handed over to the emerging entrepreneurs as part of economic recovery
Urgent alert and statement by the MEC for Economic Development Tourism and Environmental Affairs Nomusa Dube-Ncube
The wheels of radical economic transformation will be set in motion tomorrow when I hand over vehicles such as bakkies, bakery equipment, catering equipment, animal feeds and other machinery to twelve (12) emerging entrepreneurs in uMgungundlovu District.
This follows a rigorous process undertaken by my Department to assist those that applied for funding through Operation Vula Fund. This is the successful Tier 1 batch among the three tiers of funding within Operation Vula.
It should also be noted that these are not the only Tier 1 beneficiaries within uMgungundlovu Municipality, however, following a successful due diligence done over these 12 business, I felt it was prudent that we hand over the equipment to the beneficiaries in order to speed up economic recovery.
I must also point out that the work which include due diligence for Tier 2 and 3 is continuing. I will make similar announcements in due course when we are ready.
Job losses as a result of COVID-19 have resulted into spiraling levels of poverty. Many people have been retrenched and condemned to rural villages and peri-urban informal settlements with no means of survival.
It is for these reasons we will be going to other ten (10) remaining districts to hand over millions worth of equipment.
I wish to pause and express my appreciation to all emerging entrepreneurs who have demonstrated their determination to be the creators of wealth. For those who were not successful in this round of applications, another window will open soon and we shall be taking in applications.
We remain determined to use the resources of the state at our disposal to relegate our sad history of apartheid designed economic exclusion to the distant memories of only those of us who lived through those turbulent times.
Importantly, being the second largest contributor towards the national Gross Domestic Product, the success of KZN is crucial for the success of the whole country. In this regard, the department and all our entities are intervening to stimulate different sectors of the economy as guided by the economic reconstruction and transformation plan.
We are giving the necessary support to the people of this province across all corners including the townships and rural areas. We want to enable them to produce local products and services for domestic consumption and exports.
Critically, we reiterate our position that the lockdown regulations, which resulted in the disruption of global value chain, have presented indigenous people with the opportunity to be self-sufficient and produce their own goods.
Members of the media are invited to attend the handing over of the equipment. COVID-19 Regulations will be strictly observed.
Source: Government of South Africa