NEF approves over R1 billon with the DTIC & Solidarity Fund in post-unrest business relief to save close to 10 000 jobs
14 July 2022
A year after South Africa witnessed the devastating civil unrest that swept across parts of KwaZulu Natal and Gauteng in July 2021, the National Empowerment Fund (NEF), in partnership with the DTIC and the Solidarity Fund’s Humanitarian Crisis Relief Fund (HCRF), have approved in excess of R1 billion for the recovery of affected SMMEs and together have saved close to 10 000 jobs, says CEO Ms Philisiwe Mthethwa.
Devastating impact on businesses, property and jobs
“The civil unrest was far-reaching and severe, resulting in damage estimated in excess of R30 billion with more than 150 000 jobs placed at risk. The manufacturing and retail sectors were dealt the hardest blow, and 161 malls in both provinces experienced severe damage to property and stock. There was damage of varying degrees at 200 shopping centres, and approximately 3000 stores were looted. Stock losses estimated at over R1.5 billion were reported, and some NEF investees were also caught in the crossfire” adds CEO Mthethwa.
She says at national level, Government, through the DTIC, set aside R5.15 billion to rebuild damaged businesses, save jobs and restore the provision of goods and services to affected communities.