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54 projects approved for jobs fund

4 Dec 2012

The Jobs Fund has approved 54 projects to date and of the 27 contracted projects‚ 65‚121 new permanent jobs will be created‚ chairperson of the fund's investment committee‚ Frans Baleni said on Monday (3 November).

A further 42‚000 beneficiaries will be placed in permanent jobs‚ 105‚449 people will undergo skills training‚ and 26‚624 will complete an internship.

The fund was first announced by President Zuma in his 2011 State of the Nation address and launched by Minister of Finance Pravin Gordhan in June 2011. The R9bn fund is managed by the Development Bank of Southern Africa and aims to find innovative solutions to SA's employment problem by finding new ways of creating new‚ permanent jobs.

It works by providing grants over three years‚ but the grant funding system is intended to target businesses as they need to match each rand from the fund on a 1:1 ratio.

Baleni announced the launch of the job fund's third call for funding proposals. The call applies to proposals and applications from firms involved in enterprise development and infrastructure.

Due to over-subscription in previous funding rounds‚ applications for the support for work seekers and institutional capacity building will not open at this time.

Source: I-Net Bridge

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