NEF to resume funding with ‘existing reserves’, NEW AGE, THE (Kwazulu-Natal)
THE National Empowerment Fund (NEF) has resolved to resume new funding activity on the back of “existing reserves”. This after the NEF imposed a moratorium on funding new projects a year ago due to concerns of insufficient capital. The NEF suspended lending after the state failed to recapitalise the operation as was expected. This was followed by negotiations on how the empowermentfocused development financier was going to be recapitalised. The NEF leadership suggested that some headway has been made on the recapitalisation front, this after concerns the fund would be closed. NEF CEO Philisiwe Mthethwa said the decision to reopen funding came after consultations with department of trade and industry (DTIC) and the National Treasury.