Trade and industry clashes with Treasury over jobs fund
Department of Trade and Industry official blames Treasury for preventing the disbursement of financing
Hundreds of millions of rand meant for beneficiaries of the Employment Creation Fund (ECF) have not been disbursed, allegedly because of a dispute between the Treasury and the Department of Trade and Industry, which administers the fund intended for business support. Trade and Industry Minister Rob Davies said in a reply to a parliamentary question that the balance due to ECF projects was R508.8m. "There are 31 projects that are in progress and will be completed once funds have been received from National Treasury," Davies said. Davies said the Treasury had disbursed R865m to the department, of which R709m had been disbursed for fund projects. These funds came from the €100m donated by the EU for employment creation support in 2009. SA’s unemployment rate is now at 27.2%. DA spokesman for trade and industry Dean Macpherson said on Wednesday that he had received many complaints from a number of companies that were not getting the funds they had been promised. They had made plans and ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.