Tourism Minister Patricia de Lille has welcomed Cabinet’s approval for the implementation of the Tourism Equity Fund (TEF).
Following a protracted court case, earlier this year, an out-of-court TEF settlement was reached with the applicants and the court application was subsequently withdrawn.
In a statement issued on Thursday, the Department of Tourism said that it has been given the green light to implement the amended Tourism Equity Fund in line with existing legislation.
The Fund aims to drive transformation in the tourism sector in a more direct and impactful manner that will not only assist black-owned tourism enterprises to expand and grow, but also catalyse the rise of a new generation of black owned youth, women and community owned tourism enterprises to take the sector to new heights.
The R1.2 billion fund is managed by the Small Enterprise Finance Agency (SEFA) on behalf of the department and was tailored to provide a combination of debt and grant finance to facilitate equity acquisition and entrepreneurship.
Minister De Lille said the Department of Tourism and SEFA are currently finalising the amended Tourism Equity Fund.
“We will announce the call for TEF applications by end of October 2023 and will also provide clarity on previous Tourism Equity Fund applications,” she added.