BUSINESS REPORT, NEF seeks R25bn from investors in US

Funds needed for greenfield BEE projects Wfiseman Ithuzwayo THE NATIONAL Empowerment Fund (NEF) was trying to raise R25 billion in the US in order to finance interventions to propel economic growth and was presenting its developmental plans to various financiers for the purpose of mobilising foreign direct investment into South Africa, the state-owned lender said yesterday, The funds were earmarked for the NEF's Strategic Projects Fund (SPF), chief executive Philisiwe Buthelezi said. She said the greenfield projects the NEF wanted to fund were located across various sectors of the economy and included tourism, mining, minerals beneficiation, agro processing, renewable energy, business process outsourcing and infrastructure development. Buthelezi said, given the need for the country to maximise job creation, very solid work had gained momentum in the SPF, a unit established with a mandate to increase participation of black people in earlystage projects that are aligned to national government policy.

Read full article