KwaZulu Natal (KZN) businesses have received financial support worth R1.1 billion from the KZN Growth Fund (KZNGF) over the past five years.
“The support went towards investment in diverse sectors of the economy including manufacturing, healthcare, transport, logistics and the telecommunications sector,” said the provincial MEC for Economic Development, Tourism and Environmental Affairs, Sihle Zikalala.
“The funding has unlocked project value or investment of over R3 billion,” he added. The companies that benefited included chemical manufacturing company Afro-Zonke, which manufactures and distributes a wide range of industrial chemical solutions ranging from industrial, mining, engineering, manufacturing, homecare materials, agro-processing and healthcare to personal care products.
The company is also 100% black-owned and has distribution partners spread throughout South Africa and Namibia.
Newly appointed KZNGF CEO, Aubrey Shabane, said his organisation was committed to reducing inequalities and to the promotion of Broad-Based Black Economic Empowerment.
“It is fitting therefore that the fund has been tasked to play a key role in the provincial and national initiatives relating to creating black Industrialists. We have approved over R400 million towards black industrialist-led projects,” he said.
