South Africa’s black business lobby hails Tourism Equity Fund as a ‘good start’

By Xolisa Phillip, in Johannesburg

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Posted on February 8, 2021 15:42

Virus Outbreak South Africa Tourism
Tour operators take part in a protest in Cape Town, South Africa, Friday July 31, 2020. Various tourism operators staged a slow drive protest as they struggle to make ends meet under the COVID-19 lockdown regulations. (Photo/Nardus Engelbrecht)

The establishment of South Africa’s Tourism Equity Fund (TEF) is a good start to advance black economic empowerment in the sector, says Black Business Council (BBC) CEO Kganki Matabane.

The BBC is the largest black business umbrella body in South Africa, representing professionals across sectors, business associations and chambers.

The Tourism Business Council of South Africa (TBCSA), an organisation comprising established players, including hotel groups and rental car companies, says the fund is “a step in the right direction,” according to CEO Tshifhiwa Tshivhengwa.

The fund’s goal is to provide funding for projects. “By providing access to finance for black-owned commercially viable tourism projects, the TEF is intended to address one of the major challenges to transformation of the tourism sector,” the tourism department explained.

The funds will be in the form of debt, concessionary loans and grants.

Tourism engine

Tourism is typically one of the biggest contributors to South Africa’s GDP. It is also one of the sectors that has experienced positive growth since

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