Prospects are looking good for a R1bn recapitalisation of the National Empowerment Fund (NEF) by the Industrial Development Corporation (IDC).This is according to NEF CEO Philisiwe Mthethwa, who was speaking on Tuesday ahead of a briefing to Parliament’s trade and industry committee.She said the departments of trade and industry and economic development had reached agreement on the way forward and had given the IDC the go-ahead to proceed with the recapitalisation of R1bn.The funding would not be tied to fiscal allocations as it would be funded by the IDC itself.The news of the recapitalisation was welcomed by DA trade and industry spokesman Geordin Hill-Lewis, who said the NEF, unlike many other state departments and entities, had been effective in supporting black entrepreneurs and needed more funds to expand its work.The organisation had a good track record in identifying good business prospects and supporting them to fruition."We believe the NEF has a very important role in supp...
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