CITIZEN, Citi Business Page 24
NEF: Fund designed to promote black enterprise MALCOLM REES THE National Empowerment Forum (NEF) yesterday announced the launch of an Empowerment Development (ED) Fund designed to promote black enterprise. The fund aims to secure finance from “measured entities” (private companies) in exchange for broad based black economic empowerment (BBBEE) scorecard points in line with code 600 of the BBBEE code of good practices on a pro-rate basis. According to the BBBEE Act, No 53, 2003, enterprise development contributes a 15% weighting towards 100% BBBEE compliance. In order for a company to achieve 100% compliance on the code 600 measure the company would need to contribute 3% of its annual profits after tax according to NEF = CEO Philisiwe Buthelezi.