South Africa / State’s fund creates only 745 jobs in 18 months

Since its launch last year, the government’s R9bn Jobs Fund has placed 745 unemployed youths into jobs through one of the projects that have benefited from the fund.

The fund, promised by President Jacob Zuma last year in his state of the nation address and launched in June, provides grants to government departments, companies, municipalities and non-governmental organisations to create work opportunities.

It is managed by the Development Bank of Southern Africa, has a budget of R9bn to be spent over three years and a target of creating 150,000 jobs.

So far, the fund has received more than 3,500 applications and its investment committee has approved 54 projects, at a cost of R3bn. This has been matched with R3.7bn from applicant organisations.

Of the 54 approvals, 27 projects have been allocated to contractors, who will help implement them. The 27 projects have signed agreements for funding of more than R1bn.

The administrators of the fund said at a media briefing in Johannesburg on Monday that they hoped to speed up the implementation of projects that had received grants.

Choosen excerpts by Job Market Monitor from

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