Amid the tumult sparked by the coronavirus pandemic and the resulting economic crisis, a recent announcement brings good news for the tourism industry.
The government has launched the R1.2bn Tourism Equity Fund to improve the participation of black entrepreneurs in the tourism sector. All black players across the struggling tourism industry have been given a lifeline with the new fund, which will be used to either provide grants or assist with debt relief.
“The Tourism Equity Fund is informed by the recognition that the capital-intensive nature of the industry prevents many black-owned tourism enterprises from growing and developing,” Ramaphosa said. “By providing access to finance for black-owned commercially viable tourism projects, the fund intends to address this challenge.”
Sustainable black-owned businesses with a minimum of 51% ownership can expect to enjoy a portion of the fund in hopes that it will boost their business enterprise for the next three years.
“Whether it is in a coastal town in the Eastern Cape or a wildlife-rich area in the North West or Limpopo, it is our aim through this fund to actively support black-owned businesses to run profitable and sustainable enterprises. It is also our aim to employ people to procure goods and services locally and to make a real contribution to our economy,” Ramaphosa said.
As dreadful as this pandemic has been, there is still hope for the future and our beautiful country. South Africa is filled with unsurpassed tourism locations and landscapes that are unrivalled. If we all play our part by supporting local and engaging in the tourism industry, together we can bounce back and transform the industry into something even bigger and better than once was.
