Philisiwe Buthelezi

She said the emphasis on black economic empowerment had been on equity-type transactions for far too long.

"We need to ... evolve from narrow-based empowerment to a broader empowerment with specific focus on enterprise development to ensure the growth of South Africa's economic cake," said Buthelezi, who was also involved in the development of the broad-based BEE strategy, the BBBEE Act and the codes of good practice.

The NEF has in recent years set up a number of creative funding mechanisms to assist black people to actively participate in the economy. These include funding vehicles for BEE deals, small and medium enterprise development, rural and community development and investment in strategic projects.

Currently, the empowerment funding agency has projects of about R30-billion in the pipeline. Buthelezi said the projects could create up to 200000 jobs within the next five years if they all come to fruition.

One of the big-ticket items, valued at R1.2-billion, will see the start-up of a fourth big healthcare group which will be owned and operated by black South Africans.

Other projects include a rare metals beneficiation project of R13-billion and a big telecommunications and broadband initiative.

The NEF's strategic planning fund is in line with the government's new Industrial Policy Action Plan and New Growth Path.

However, Buthelezi noted that the NEF was not just about the big projects, but also about those people coming up with a bright business idea and not knowing how to take it further - as well as the empowerment of rural communities which do not always have the necessary expertise to sustain themselves through business.

Buthelezi said the agency was much more than just a funding institution, and also advises people and assists them with creating business plans, as well as ensuring that these businesses are sustainable and become independent.

She said the NEF even encouraged "walk-ins" and will provide people with the necessary expertise and advice that they need to implement bright ideas. She advised people to go onto the agency's website, www.nefcorp.co.za, for more information and noted that the agency provided prospective entrepreneurs with a free business plan tool kit, which is available in English and three African languages and is very user friendly.

The NEF recently assisted a rural community in Amajuba, which managed to get a piece of land through the land restitution act, to set up a successful berry-farming business that now supplies Woolworths and exports to Europe.

"The goal is to create real opportunities for our people on a social and economic level, so that people can wake up and have hope. Projects such as these will not only give that community the opportunity to sustain themselves, but will also assist them to send their children to school, thereby empowering the community further into the future," said Buthelezi, who was recently given the Chevalier de la Legion d' Honneur, or Knight of the Legion of Honour, by French President Nicolas Sarkozy.

Buthelezi previously lived in France when she was employed by South Africa's Department of Trade and Industry to promote European investment in South Africa.

She said she believed the NEF had sufficiently established itself as a pro-economic development funding agency since opening its doors in 2005 and was now a well-recognised institution able to catapult black people into the South African business environment.