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Ramaphosa launches Tourism Equity Fund to revive COVID-hit industry

The fund has been established by the Tourism department and Small Enterprise Finance Agency and will provide a combination of debt finance and grant funding to facilitate equity acquisition as well as new project development in the tourism sector by black entrepreneurs.

FILE: President Cyril Ramaphosa. Picture: @GovernmentZA/Twitter.

JOHANNESBURG - President Cyril Ramaphosa has launched the Tourism Equity Fund aimed at reviving the coronavirus-hit tourism sector and promoting transformation.

The fund has been established by the Department of Tourism and Small Enterprise Finance Agency and will provide a combination of debt finance and grant funding to facilitate equity acquisition as well as new project development in the tourism sector by black entrepreneurs.

“The task before us now is to ensure that we do not simply return to business as usual and that we focus on accelerating the pace towards achieving our transformation goals.”

More than R1.7 billion has been budgeted for the initiative, which Ramaphosa said was crucial.

“Countries like ours, which rely heavily on the income generated by tourism, have suffered immensely.”

WATCH: R1.2 billion fund launched for tourism industry

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