Multi-Party Democracy Fund received R25.5 million, reveals IEC
The fund administered by the IEC was established to raise money from private and corporate donors who want to contribute to the country’s political processes.
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JOHANNESBURG - The Electoral Commission of South Africa (IEC) has published a gazette on the Multi-Party Democracy Fund.
The fund is said to have received R25.5 million for the period covering 1 July to 30 September.
The fund administered by the IEC was established to raise money from private and corporate donors who want to contribute to the country’s political processes.
Money raised from the Multi-Party Democracy Fund is distributed to parties and independent candidates represented in the National Assembly and the nine provincial legislatures.
This is the first declaration of the fund since the May elections.
It is also the first since President Cyril Ramaphosa signed an amendment to change how the money is allocated to parties into law.
Under the new law, 90% of the money is shared proportionally, meaning the party with the most seats gets the most, while the rest of the 10% is split equally.
Previously, the allocation was 66,6% proportionally and 33,3% equitably.