National Empowerment Fund mandate not in question, Engineeringnews.co.za – Engineering News
The mandate of the National Empowerment Fund (NEF) is not in question, Trade and Industry Minister Rob Davies said on Friday.
In a joint statement issued by the Department of Trade and Industry (dtic) and the NEF, Davies said the overall progress of the NEF in becoming a development finance institution of significance, with an exclusive mandate to support Black Economic Empowerment and the productive economy, was not in question.
Davies and the NEF had been briefing Parliament’s Portfolio Committee on Trade and Industry regarding the loan to Ndalo Luxury Ventures (NLV) by the NEF.
In August 2012, the NEF approved loan finance to the value of R34.1 million for construction of the Luminance store, the local manufacture of a clothing range for the Luminance brand and the procurement of stock and shopfit material from local suppliers.
Davies told the committee that the transaction could not be seen as the “touchstone” and emblem of the NEF, as it was less than one percent of the total NEF’s loan portfolio of R5 billion.