Cabinet has called on all eligible businesses affected by the recent civil unrest in KwaZulu-Natal and Gauteng to apply for industrial loan support at zero-percent interest, under the R3.75-billion Economic Recovery Support Package offered by government. <\/P>
\u201cThe Department of Trade, Industry and Competition (the dtic) and its development finance institutions \u2013 the Industrial Development Corporation and National Empowerment Fund – have put together a funding package to support various business recovery interventions. This includes the rebuilding of infrastructure, equipment, fittings for premises, stock and working capital,\u201d a Cabinet statement said on Thursday.<\/P>
The funding will help to alleviate the socio-economic challenges facing businesses affected by the unrest.<\/P>
Cabinet has welcomed and endorsed the announcement by JP Morgan to provide financial and non-financial support to the tune of R340 million through the Abadali Equity Equivalent Investment Programme (EEIP). <\/P>
The programme consists of Abadali Fund \u2013 a Black Business Growth Fund and Abadali Grant (R40 million). <\/P>
Energy <\/P>
Cabinet also welcomed this week\u2019s gazetting of the regulations that increase the threshold for embedded generation from the current one megawatt (MW) to 100 MW.<\/P>
In June 2021, President Cyril Ramaphosa announced the amendment of Schedule 2 of the Electricity Regulation Act, 2006 (Act 4 of 2006) to increase the National Energy Regulator of South Africa\u2019s licensing threshold for embedded generation projects to allow for more private generation of electricity.<\/P>
\u201cCompanies in energy-intensive sectors will now be able to generate their own electricity without the need for a licence. The new generation capacity will increase energy security by reducing reliance on the power grid and unlocking significant private sector investment.<\/P>
\u201cThese initiatives will support inclusive economic growth and job creation within the small and medium-sized businesses, particularly in the manufacturing and green economy sectors,\u201d Cabinet said.<\/P>
Meanwhile, South Africa is expected to participate at the upcoming World Expo.<\/P>
Cabinet approved the participation in December 2019 but the event was subsequently postponed due to COVID-19.<\/P>
\u201cThe multinational event, which is held every five years in different countries, provides a large and attractive market to showcase South African goods and services to a global audience. It will be held as a hybrid of virtual and on-site exhibitions in Dubai, United Arab Emirates, from 1 October to 31 March 2022,\u201d Cabinet said.<\/P>
The dtic will next week host a media briefing to unpack South Africa\u2019s participation at the World Expo 2020.<\/P>
<\/P>
Source: South African Government News Agency<\/P>
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