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COVID-19 battered tourism sector hopes equity fund will provide major boost

The Tourism Equity Fund is aimed at drawing more black entrepreneurs into a sector ravaged by the coronavirus pandemic and shutdown.

FILE: A group of tourists get off their tour bus at the bottom of the cable station to Table Mountain in Cape Town. Picture: AFP

CAPE TOWN - The tourism industry is hoping for a boost after the president unveiled a more than R1 billion fund on Tuesday.

The Tourism Equity Fund is aimed at drawing more black entrepreneurs into a sector ravaged by the coronavirus pandemic and shutdown.

"This industry supports about one-and-a-half-million direct and indirect jobs but this is not nearly enough."

As President Cyril Ramaphosa explains, the majority of black-owned business ventures in tourism will benefit from the fund.

"This is a sector that is in the main labour intensive and therefore has immense job creation potential."

WATCH: R1.2 billion fund launched for tourism industry

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