Pretoria - The R2 billion fund launched by the Minister of Labour, Mildred Oliphant, is expected to create and support over 10 000 jobs.
The Project Development Partnership Fund (PDP) is aimed at generating jobs through creating and funding small businesses and entrepreneurs.
The launch comes two months after the Job Summit.
The Fund is a joint venture between the Public Investment Corporation (PIC) and Unemployment Insurance Fund (UIF).
During the official launch held at the Government Communication and Information Systems (GCIS) this morning, Oliphant said the money allocated demonstrates government’s commitment to invest in small businesses.
“The value of a thriving small business sector cannot be undermined, and that is why as government we welcome the introduction of new ventures such as the Project Development Partnership Fund.
At the centre of this fund is to help small business start-ups that are geared towards creating employment opportunities and contribute towards growth and development of our economy.
“Through the partnership, the UIF will provide an annual allocation of R2 billion towards the PDP Fund through the UIF’s existing Social Responsible Investment (SRI) mandate,” she said.
The Fund will among other things be used to create and grow small businesses, and establishing new companies.
It will also be used for starting companies in various sectors that will boost the South African economy, she added.
“The Fund will also be focused on investing in projects which are focused on addressing SA's socio-economic challenges through technologically advanced value propositions which are aligned to the fourth industrial revolution.
It is expected to create and support over 10 000 jobs.”
Those who wish to apply can visit the PIC website for more details.