R1.2bn funding for tourism sector

The Durban beach promenade. AFP/Rajesh Jantilal

* Editor's note: This article is updated each time new information becomes available.

JOHANNESBURG - Tourism businesses may now apply for financial assistance via the Small Enterprise Finance Agency.

Government has launched a Tourism Equity Fund of over R1.2-billion.

It will manage this over three years.

READ: Government to launch Tourism Equity Fund

The fund aims to raise investment and boost transformation in tourism.

It will do this by offering a combination of debt finance and grant funding to black entrepreneurs for large projects.

The tourism sector employs over 1.5 million people and contributes 3 percent of GDP.

It's been identified as one of the key areas to revive the economy.

Source
eNCA

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