Eastern Cape sets up R50-million jobs fund

This makes the Eastern Cape the first province to roll out its own initiative under the R9-billion jobs stimulus package managed by the Development Bank of Southern Africa.

The fund seeks to create 150 000 jobs nationally for the next three years and the Eastern Cape says it will create at least 30 000 jobs over the same period. The unemployment rate in the province is among the highest in the country at 26,9%.

The Eastern Cape has lost about 40 000 jobs as a direct result of the recession in South Africa and a slump in the automotive manufacturing sector.

The fund is to be managed by the Eastern Cape Development Corporation and its chief executive, Sitembele Mase says that strict measures have been put in place to ensure that the fund is not looted by fraudsters.

The fund will pay an annual amount of R10 000 for every job that is created in the province.

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