Mashatile welcome's private sector's commitment to help raise R100bn for Transformation Fund

JOHANNESBURG - Deputy President Paul Mashatile has expressed gratitude to the private sector for committing to help raise R100 billion for the Transformation Fund.

The proposed fund, which is currently open for public consultation, aims to support black-owned businesses and promote broader black participation in the economy.

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The Department of Trade and Industry previously clarified that the R100 billion initiative was not intended to replace existing black economic empowerment efforts but rather to complement them.

The government has partnered with the private sector to raise the funds over the next five years.

Speaking at a business breakfast in Pretoria on Monday, Mashatile welcomed the private sector’s willingness to support black-owned enterprises.

"I also want to appreciate the private sector for coming on board to participate in the transformation fund. It is commendable that the fund is anchored by private and public sector contributions to the enterprise supplier development and equity equivalent investment programme obligations."