The Department of Small Business together with The Directorate-General of International Cooperation and Development has established a new SMME Support Programme for South Africa to the value of €62 million.
Ten years after the establishment of a strategic partnership with South Africa, the European Union remains engaged with South Africa as a crucial regional and global player. The fight against unemployment, poverty and inequality are at the heart of its involvement in line with the countries priorities.
The new EU programme ‘Employment Promotion through small, micro and medium enterprises Support Programme for South Africa’, worth €52 million, will help to boost job creation by supporting the National Development Plan 2030, which foresees that 90% of new jobs in the country should come from small and emerging business by 2030. Implemented by the Department for Small Business Development, the new programme will help reduce the cost of doing business for small enterprises, improve business, production and marketing skills, increase access to funding by de-risking enterprise development lending and keeping the interest rate at reasonable levels.
The new Enhancing Legislature Oversight Programme of €10 million will strengthen democracy and good governance through effective execution of the core mandate of the National Parliament and the Provincial Legislatures to legislate, exercise oversight and ensure public participation. A positive contribution by the European Union.