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Davies to negotiate recapitalisation of empowerment fund,BUSINESS DAY

Davies to negotiate recapitalisation of empowerment fund, BUSINESS DAY (Late Final, page 2

TRADE and Industry Minister Rob Davies will engage with the Treasury on recapitalising the National Empowerment Fund (NEF), the government vehicle set up in 1998 to fund black empowerment transactions and enterprise development. The fund said this week that while it remained a going concern and had reserves, it had exhausted its capital and could not make further disbursements subject to recapitalisation. Mr Davies said he supported the continuation of the fund, which “has done good work … was well-run and had turned itself into an effective development finance institution with some very important projects”.


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