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BL Premium reports that the Unemployment Insurance Fund (UIF) has partnered with the Industrial Development Corporation (IDC) to establish a R5bn fund to provide finance to firms that support job creation and retention.
The UIF II Fund will be co-managed by state-owned asset manager the Public Investment Corporation (PIC). The fund, which provides loans to qualifying entities, has so far approved R3.8bn in finance to qualifying firms in various industries, including agriculture, transport, industrial infrastructure, pharmaceuticals and mining. So far, the fund has provided finance for six investments of R311m in firms with 26% youth ownership that are expected to create 560 and preserve 68 jobs; 24 investments of R1.032bn for companies owned and managed by women (expected to create 4,602 and preserve 7,293 jobs); and funding of R1.712bn to 36 start-ups that are expected to create 6,856 new jobs. The UIF II Fund has also provided funding of R2.452bn to 50 firms in the IDC’s black industrialist programme that are expected to generate 9,428 new jobs and preserve 17,833.
- Read the full original of the report in the above regard by Thando Maeko at BusinessLive (subscriber access only)
- Read too, UIF investment portfolio grows to R135bn, at Moneyweb
Get other news reports at the SA Labour News home page