R120 million will be allocated per year for the next three years to support emerging black owned businesses, Tourism Minister Thokozile Xasa announced in the Tourism Budget Vote Speech on Tuesday afternoon.
In her speech, Xasa said the theme of this year’s budget is sustainability, in line with the UNWTO theme for the year. The vision is to promote and develop a tourism sector that is “economically beneficial, environmentally friendly, socially equitable and culturally responsive”, she said.
The R120 million fund comes after a memorandum of understanding was signed between the Department of Tourism and the National Empowerment Fund (NEF). In terms of the agreement, the NEF is matching department funding on a 1:2 ratio, with R40 million of the fund allocated from the department and R80 million from NEF.
Read the full article on the Tourism Update website: R120 million lifeline for tourism SMMEs
Author: Derrick Markotter
RCCI Webmaster Derrick runs a boutique web marketing agency, IdealMedia Marketing.