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Government unpacks economic rebuilding package
Unpacking government rebuilding package
A webinar hosted through the Department of Trade, Investment and Competition (DTIC) and other private and public institutions on 20 August unpacked government’s economic relief packages for those impacted by the recent looting and unrest in KwaZulu-Natal and Gauteng.

Minister of Trade, Industry and Competition Ebrahim Patel recently announced the Economic Recovery Fund. The fund will provide financial support to affected businesses in KZN and Gauteng following an online survey by the dtic.

Government has set aside R3.75 billion to support businesses that were affected through the DTIC, Industrial Development Corporation of SA (IDC) and the National Employment Fund (NEF). The government entities offer funding packages to support various business recovery interventions. This fund is part of the broader R38 billion Relief Package announced by the Minister of Finance recently.

The findings of the online survey, conducted across all economic sectors to gauge the impact and determine appropriate support required to assist businesses, revealed that losses in assets and significant property damage were suffered by businesses.  It found that 74 percent of those affected in KwaZulu-Natal require support, inclusive of damaged stock, buildings and machinery and equipment and shop fittings as compared to 26 percent in Gauteng.

The survey also revealed that 57 percent of those impacted are without insurance and that 26 percent of the respondents are from eThekwini townships such as KwaMashu, uMlazi and Verulam.

The Critical Infrastructure Reconstruction Programme (CIRP) is a grant implemented to support investments that have been by affected by unrests in Gauteng and KwaZulu-Natal. 
The programme aims to leverage investment by supporting the rebuilding of relevant affected infrastructure. It is a cost-sharing grant of up to 50 percent of total qualifying infrastructure costs capped at R30 million. Applicants must submit applications prior to commencement of infrastructure construction through the DTIC.

The IDC has tailored a comprehensive package that includes funding support for businesses and communities affected by the unrest. The considered response comprises a total recovery package totalling more than R1.5 billion.

In addition, the IDC will be administering the DTIC’s R400-million Manufacturing Competitiveness Enhancement Programme Economic  Stabilisation Fund. The fund aims to support affected manufacturing companies impacted by supply chain disruptions.  Concessionary funding will also be offered to affected companies through interest-free loans.

The NEF in partnership with the DTIC have established the Economic Stabilisation and Rebuilding Fund to support business that were adversely affected by the unrest and regional riots.

The NEF will support any business that has been adversely affected in all sectors of the economy.

Queries for any of the above can be directed to 
The DTIC: Email: recovery@thedtic.gov.za, Contact number: 0800 006 543. 
IDC: Email: recovery@idc.co.za, Contact number: 011 269 3111.
NEF: Email: recovery@nefcorp.co.za, Contact number: 0861 843 633. 

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