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Annual Performance Plan
For the years 2016/17 - 19
Final Dra
Due: 31 January 2016
N Em werme Fu d
Perf r r 2016/17 - 19 2
Table of Contents Table of Contents ................................................................................................................................ 2
Acronyms and Abbreviations ........................................................................................................... 3
1. Organisational structure ........................................................................................................... 5
2. cial sign-off ............................................................................................................................. 6
3. Foreword by the Minister .......................................................................................................... 7
4. Overview by the Accounting Authority ................................................................................... 9
5. Vision ........................................................................................................................................... 12
6. Mission ........................................................................................................................................ 12
7. Values .......................................................................................................................................... 12
8. Strategic goals and objectives ................................................................................................. 14
9. Recent Court Rulings ................................................................................................................ 16
10. Updated Situational Analysis .............................................................................................. 17
11. Key programmes aligned to Government Priorities ...................................................... 25
12. Description of the Planning Process ................................................................................. 49
13. Financial Plan ........................................................................................................................ 50
14. Programme Performance .................................................................................................... 56
14.1 Programme 1: Umnotho Fund ................................................................................... 56
14.2 Programme 2: Strategic Projects Fund .................................................................... 62
14.3 Programme 3: Imbewu Fund ..................................................................................... 66
14.4 Programme 4: Rural & Community Development Fund ....................................... 70
14.5 Programme 5: Women Empowerment Fund .......................................................... 74
14.6 Programme 6: Entrepreneurship Development .................................................... 78
14.7 Programme 7: Asset Management (Investor Education) ..................................... 84
15. Consolidated Performance Plan Matrix ............................................................................ 87
16. Asset Management Plan ....................................................................................................... 96
17. Information Technology Plan ............................................................................................. 97
18. Risk Management and Fraud Prevention Plan .............................................................. 101
19 Subsidiaries .......................................................................................................................... 112
20 Service Delivery Improvement Plan ............................................................................... 113
21 Indicator ................................................................................................................ 115
Appendix A: Financial Projections .............................................................................................. 129
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Acronyms and Abbreviations
APP : Annual Performance Plan
Approved: Final committee approval obtained, legal agreements not signed
B-BBEE: Broad-Based Black Economic Empowerment
BFS : Bankable Feasibility Study
Commitments: Legal agreements signed. (Deals may have been approved in current and previous financial periods.) All Conditions Precedent may not have been met yet.
yawdaerT eht fo snoitasinagrO gnirosnopS fo eettimmoC OSOCCommission
CP : Construction Phase
CPs : Conditions Precedent
DFIs : Development Finance Institutions
Disbursements: Total cash advancements made against all approved deals (deals may have been approved in current and previous financial periods) subject to all Conditions Precedent having been satisfied by the investee.
EC : Eastern Cape
ERM Enterprise-wide Risk Management
FC : Financial Closure
FMD : Fund Management Division
FS : Free State
GDP : Gross Domestic Product
IDC : Industrial Development Corporation
IPAP : Industrial Policy Action Plan
IPF : Industrial Policy Framework
IRMSA Institute of Risk Management Standards of South Africa
IRR : Internal Rate of Return
IT : Information Technology
IST : Information Systems Technology Department
National Empowerment Fund
Annual Performance Plan for 2016/17 194
JSE : Johannesburg Stock Exchange
KZN : KwaZulu-Natal
KPI : Key Performance Indicator
MBAP : Mining Beneficiation Action Plan
MBO : Management Buy-Out
MGI : Mckinsey Global Institute
MOU : Memorandum of Understanding
MTEF Medium Term Expenditure Framework
MP : Mpumalanga
NC : Northern Cape
NCOP : National Council of Provinces
NEF : National Empowerment Fund
NIPF : National Industrial Policy Framework
QLFS : Quarterly Labour Force Survey
PFMA : Public Finance Management Act
PRASA : Passenger Rail of South Africa
PFS : Pre-feasibility study
PIU : Pre-Investment Business Support Unit
POIU : Post Investment Business Support Unit
RMC : Risk and Portfolio Management Committee
ROI : Return on Investment
RCDF : Rural and Community Development Fund
SAIs : State-Allocated Investments
SEDU : Socio Economic Development Unit
SME : Small and Medium Enterprise
SOCE : State Owned Commercial Enterprise
SPF : Strategic Projects Fund
TC : Technical Completion
WC : Western Cape
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Annual Performance Plan for 2016/17 - 19 6
2. -off
It is hereby certified that this Annual Performance Plan (APP):
Was developed by the management of National Empowerment Fund (NEF) under the guidance of Accounting Authority, Mr Rakesh Garach.
Was prepared in line with the current Strategic Plan of the NEF.
Accurately reflects the performance targets which NEF will endeavour to achieve given the resources made available in the budget for 2016/17.
Innocentia Pule : ________________________
Chief Financial Officer
Date: 29/01/2016
Philisiwe Mthethwa: ________________________
Chief Executive Officer
Date: 29/01/2016
Recommended for approval by:
Rakesh Garach : ________________________
Accounting Authority
Date: 29/01/2016
______________________________________
____________________
val by:
_______________________ _________
N Em werme Fu d
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3. Foreword by the Minister
This year has seen the South African economy facing numerous challenges which have
slowed down our progress in solving the triple challenges of poverty, inequality and
unemployment. On the international scene, the global slowdown has had a disproportional
impact on developing countries which are facing the harsh impact of declining commodity
prices and falling export demand. Domestically, the country is experienced a number of
challenges including energy constraints, a declining mining and steel sector as well as high
unemployment levels.
This has increased the need for an economic development strategy that will align trade
policies with industrial policy objectives in order to support industrial development in South
Africa. For this reason, the dti remains committed to efforts to drive the industrialisation
agenda by ensuring that the Industrial Policy Action Plan (IPAP) achieves higher impact in
industrial development in South Africa.
South Africa’s path to economic prosperity should continue to link industrialisation to
economic inclusion. As such, the Black Industrialists Development Programme is a
significant aspect of economic transformation policy. The Black Industrialist Programme
aims to provide black business with opportunities to access key productive sectors in the
economy that will support industrialisation and create job opportunities.
Institutions such as the NEF stand out as contributors to transformation and black economic
empowerment in this economy. In a quest to expedite B-BBEE participation not only to small
and medium businesses, the NEF established the Strategic Projects Fund in 2007 to
facilitate participation in new sector industries. As a front-runner in the development of Black
Industrialists, the Fund’s core function is aimed at developing South Africa’s new and
strategic industrial capacity within strategic sectors identified through key government
policies such as IPAP. I am pleased to note that some of the businesses supported through
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Annual Performance Plan for 2016/17 - 19 8
the Strategic Projects Fund are now operational or nearing financial close. Of great
importance, particularly under the current economic climate, is the employment creation
capacity of these projects. Valued at over R27 billion, these projects have the potential to
create over 80 000 job opportunities.
The dti is also proudly aware that through its investment efforts, the NEF has made great
progress towards the fulfilment of a number of developmental milestones. To date, the NEF
has approved transactions worth about R6.6 billion to support black businesses in all sectors
of the economy. The NEF’s investments are geared to support over 82 000 job opportunities
(of which over 58 000 are new). The NEF continues to prioritise regional development and
through its regional offices, it has increased the share of its portfolio in other provinces
outside of Gauteng. Women participation in the economy remains an important factor and
the establishment of the Women Empowerment Fund in 2014 reinforces the commitment
towards women empowerment.
y
The Hon. Dr Rob Davies, MPMinister of Trade and IndustryGovernment of the Republic of South Africa
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4. Overview by the Accounting Authority
The second draft of the APP is hereby presented to the dti for approval. The targets
presented herein presume that additional funding will be sourced in time for the beginning of
the 2016/17 financial year and have been deliberated on, and approved by the Board of
Trustees.
The Board has decided to focus on entrenching the implementation of the current strategy
as well as ensuring that set targets for the strategic period are met. There are therefore no
new strategic objectives or projects that have been introduced since the last approved APP.
The Board strategic session held on 10th and 11th September 2015 was mainly focused on
identifying challenges presented by the current economic climate and anticipating possible
impact on the NEF. The session also explored ways in which the NEF could play a role in
providing non-financial support to those most hard-hit by the economic downturn, particularly
in the mining and steel sectors. The Board further explored possible growth sectors in the
economy and unpacked potential opportunities for the NEF going forward.
Black Industrialist development continues to be a focus area and conversations during the
session focussed on the role of the NEF in the dti’s Black Industrialist Development
Programme, particularly as we have been engaged in the development of black industrialists
through our Strategic Projects Fund.
An analysis of the NEF portfolio to date was undertaken, allowing the Board to discuss
lessons learnt by identifying not only the shortcomings and areas of concern, but also the
triumphs that the NEF has achieved over the years.
A major discussion point at the Board strategy session pertained to Recapitalisation and
Sustainability, which continue to be critical risks currently facing the NEF. Various initiatives
are in progress to deal with these risks. The NEF will work with the IDC to finalise and
implement the business combination process as confirmed by our principals.
National Empowerment Fund
Annual Performance Plan for 2016/17 19 10
The NEF is looking at other initiatives to deal with the Recapitalisation and Sustainability
risk. In parallel with the business combination the NEF has been in discussions with the IDC
to obtain bridging funding for the financing of black-empowered businesses. In addition, the
following actions are being implemented to ensure the sustainability of the organisation:
Increase focus on managing distressed clients and exiting transactions
within the portfolio.
Engagements with mining and steel companies in-order to provide
financial and non-financial support to retrenched employees through our
Investor Education training and Entrepreneurship Development
programme
On-going engagements with the dti and National Treasury regarding
funding requirements.
N Em werme Fu d
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Part A:
Strategic Overview
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5. Vision Our vision is to be the leading provider of innovative transformation solutions for an
economically inclusive South Africa. We seek to be the lead financier of Broad-Based Black
Economic Empowerment (B-BBEE) investments in the DFI space.
6. Mission The National Empowerment Fund is a catalyst of B-BBEE in South Africa. We enable,
develop, promote and implement innovative investment and transformation solutions to
advance sustainable black economic participation in the economy.
7. Values The NEF has implemented a values & culture programme which has been developed,
communicated and implemented through various workshops with staff. The NEF values are
the cornerstone of how the NEF expects its employees to conduct themselves when
discharging their duties. The leadership strives to ensure the entrenchment of these values
through targeted initiatives such as the values celebration program, as well as linking the
values and culture program to heritage month. The values by which we conduct ourselves
are:
Ethics – Choosing to do what’s right over what’s wrong
Motivation – Being self-driven and passionate in what we do
Performance – Achieving results timeously, accurately and performing to create an impact
Ownership – Owning our actions, our decisions and consequences of our actions
Worthy – Creating an environment where we make a valued contribution and where we feel
valued for our contribution
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Annual Performance Plan for 2016/17 19 13
Excellence – Consistently exceeding expectations and being the best in everything we do
Respect – Treating everyone fairly and with dignity and demonstrating humility
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8. Strategic goals and objectives
The NEF’s key strategic outcome-oriented goals against which performance is reported are
to:
1. Provide finance to business ventures established and managed by black people.
2. Invest in black empowered businesses that have high employment creating
opportunities.
3. Support the participation of black women in the economy.
4. Facilitate investment across all provinces in South Africa.
5. Encourage and promote savings, investment and meaningful economic participation
by black people.
6. Advance black economic empowerment through commercially sustainable
enterprises.
7. Establish the NEF in the South African economy as a credible and meaningful DFI.
8. Establish the NEF as a sustainable DFI.
In order to achieve these objectives the NEF is structured to deliver against this mandate by
performing the following core activities:
• Fund Management, which comprises:
o The Venture Capital & Corporate Finance Division, which is comprised of
uMnotho Fund, the Strategic Projects Fund and the Women Empowerment
Fund.
o The SME & Rural Development Division, which consists of Pre-Investment
Unit, iMbewu Fund, Rural & Community Development Fund and Regional
Offices.
o General Counsel, which provides the following:
Legal support,
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Post-investment support services to the invested portfolio,
Turnaround, workout and restructuring services,
Socio-economic Development and Asset Management Units through
which the NEF provides support to communities, aims to foster a
culture of savings and investment among its beneficiaries as well as
promote Enterprise Development.
Empowerment Dividend
The NEF seeks to measure and assess its impact not only on the basis of financial return,
but in accordance with what is referred to as the Empowerment Dividend which is the socio-
economic impact of the NEF’s investment activities, as provided for in the Broad-Based
Black Economic Empowerment Act. The Empowerment Dividend has to manifest itself in
measurable impact results over and above financial returns.
Elements of the Empowerment Dividend are as follows:
• Contribution to Broad-Based Black Economic Empowerment – the NEF
assesses each transaction against the results of the B-BBEE scorecard, before and
after funding, to ensure that each transaction contributes to the advancement of B-
BBEE.
• Participation by black women – the NEF emphasises the empowerment of women
by providing for an additional weighting for black women participation.
• Support of Job Opportunities – Contribution towards employment creation and the
number of job opportunities created per rand invested or job opportunities sustained
through investment in expansion type activities.
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• Investment in Priority Growth Sectors – The number of investments facilitating
black ownership and control of existing and new enterprises in the priority sectors of
the economy as identified by the IPAP and the National Development Plan.
• Geographic Spread - Geographic spread of investments and contribution towards
increased economic activity across all provinces, particularly in areas of regional
economic disadvantage.
• Investment Return - The return that each Fund realises on capital employed after
impairment.
9. Recent Court Rulings
There are no recent court rulings which would impact on the NEF’s ability to implement its
strategy. There is however a recent report of the Public Protector which states that the NEF
committed maladministration by not timeously providing funding to a person who is of
Zimbabwean descent who was naturalised in South Africa in 1999. The NEF is contesting
the ruling in court as the NEF is prohibited by legislation from providing funding to people
who are not of South African descent if they were naturalised after 1994 and due to the fact
that the individual concerned signed a declaration wherein she falsely declared that she was
naturalised before 27 April 1994.
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10. Updated Situational Analysis
10.1 Performance Delivery Environment (External)
With a recorded GDP growth of 1.5% in 2014, South Africa’s growth momentum has been
decelerating over the last few years with 2.5% and 1.9% recorded in 2012 and 2013
respectively. The economic outlook remains relatively weak with GDP growth expected to
remain around 1.5% for 2015. Apart from the adverse effects of domestic challenges such
as electricity supply shortages and fading competitiveness, South Africa has also been
negatively impacted by the global economic downturn. The global stock market rout,
uncertainty around the pace of US monetary policy normalisation, risk-averse global
investors, signs of a steeper deceleration in Chinese economic activity and the continual
slide in global commodity prices are likely to hurt domestic confidence, undermine capital
expenditure, aggravate unemployment1, add to inflation, push interest rates higher and limit
economic growth.
Despite the subdued outlook, focus continues to be on growth strategies to accelerate
economic development and job creation, both critical imperatives for South Africa. Analysts
have identified potential growth areas for South Africa that draw focus away from the slower
European and USA markets and are concentrated on the continent. A report by the
McKinsey Global Institute (MGI), published in September 2015, has identified five of the
biggest growth priority areas as:
• Advanced manufacturing – the manufacturing sector has been shrinking for
decades, and only contributes 13% of GDP in 2014 from about 25% in 1990. While
1 Unemployment remains high, however, according to the Quarterly Labour Force Survey (QLFS), the South African
unemployment rate declined to 25% in Q2 2015, from 26.4% in Q1 2015. There was a slight increase in the unemployment rate
in Q3 to 25.2% attributable to job losses in the mining & quarrying, manufacturing, transport and construction sectors.
National Empowerment Fund
Annual Performance Plan for 2016/17 19 18
this is on par with developed nations such as the UK and the USA, South Africa lags
far behind developing nations such as Brazil, India and Mexico. MGI report suggests
that South Africa already has a history of global competitiveness in the manufacture
of advanced machinery automobiles, transportation equipment and machinery. The
export of these products has grown in the last decade and accounted for 44% of total
manufactured exports in 2013. Projections suggest that by 2030, exports of these
products could triple to more than R700 billion, and 1.5 million job opportunities could
be created.
Infrastructure development – The government has long had infrastructure
development as a priority area in growth policy. Infrastructure investment has been
hampered by major challenges such as constrained public finances, cost and
schedule overruns on infrastructure projects, as well as a lack of trust between
government and its implementing partners in the private sector. To sustain productive
infrastructure investment, South Africa could implement a number of strategies.
Firstly, it could make maximum use of existing infrastructure through optimising
operational processes and increasing spending on maintenance. The MGI report
suggest that South Africa underspends on maintenance by R49 billion, and
addressing this gap could result in cost savings through the reduction of replacement
and repair of existing infrastructure. Secondly, South Africa could optimise the capital
project to drive social and economic impact. An example of such projects that would
drive social and economic impact includes upgrading or development of water
infrastructure. It is imperative for these water projects to be evaluated and executed
in the order of their level of impact. By improving infrastructure productivity, the South
African GDP would receive a boost of up to R870 billion over the next decade, in turn
supporting the creation of about 1.6 million job opportunities.
Natural gas – natural gas has been touted as South Africa’s answer to the current
energy crisis which has imposed growth constraints. Supply-side pressures such as
aging coal plants planned for decommissioning between 2020 and 2030, reliability
National Empowerment Fund
Annual Performance Plan for 2016/17 19 19
and emissions concerns have raised the need to look to other energy sources. The
government has plans to diversify the country’s energy resources and is looking to
increase energy sources from the planned coal and nuclear projects to include gas
and renewable plants. Whilst gas is currently a more expensive fuel, projected
increases in coal prices, carbon taxes and an eventual reduction in gas prices as it
becomes a more plentiful commodity could see a reversal of the status quo making
gas a viable option for affordable energy solutions. Natural gas development is
projected to boost South Africa’s GDP by up to R251 billion by 2030 and, in turn,
create up to 328 000 direct and indirect job opportunities.
Service exports – South Africa’s service industries are highly developed and
generate 62% of the country’s GDP. However, South Africa’s exports only account
for 2% of the Sub-Saharan region’s service imports. In comparison, Brazil’s exports
account for 26% of the market share in Latin America. South Africa is well positioned
to become a leading service provider on the African continent. The MGI report makes
specific mention of the exporting of services for the construction sector, an area in
which South Africa has enjoyed about 6.6% growth rate per year between 2009 and
2013. Building on this momentum, South Africa is not only well positioned, but also
has the opportunity to target far more construction projects on the African continent.
While South African construction contracts in 2015 are estimated to total about R318
billion rand across the continent, this makes up a mere 7% of construction projects
on the African continent, compared to China’s 32%. Success in the exporting of
these and other services will require partnerships between the private sector and
government i.e. while business must pursue international contracts aggressively, the
government ought to work on establishing a conducive trade environment.
Collaboration between different business sectors could see the creation of joint
packages that will allow the pulling together of resources; for example banks and
mobile network companies could offer mobile banking solutions. MGI analysts
estimate that South Africa could increase its share of Sub-Saharan imports to 15%.
National Empowerment Fund
Annual Performance Plan for 2016/17 19 20
This would add R245 billion rand to GDP and contribute to the creation of about
460 000 job opportunities.
Agricultural value chain – South Africa has productive and internationally
competitive agricultural and agro-processing sectors and the MGI analysts posit that
the country has the potential to triple agricultural exports by 2030. To meet the goal
of increased exports, the country needs to develop strategies to make farming more
productive through investment in cutting-edge technology and farming techniques.
The government will need to clarify land rights issues, consider models for farm
consolidation as well as accelerate development of water resources as well as
strengthening water management. Furthermore, South Africa has a strong
processing industry and the biggest growth opportunities in agro-processing exports
are in fruit, beverages and animal products. This sector is already well positioned for
accelerated growth based on advantages developed through serving fast-growing
markets in Africa and Asia. Investment in agro-processing could add value to up to
R124 billion and create 314 000 new job opportunities.
The MGI analysts maintain that these five areas will benefit multiple sectors of the economy
including the labour-intensive sectors required to create job opportunities as well as those
sectors identified by the government as key in the efforts toward industrialisation.
The NEF strives to remain responsive to the economic environment in which we operate.
Recent discussions at the NEF Board Strategy Sessions, saw the board, executives and
senior management unpack challenges and identify opportunities posed by the current
economic climate. Identifying potential areas for competitiveness, plans were discussed to
conduct a value chain analysis in order to determine possible opportunities in the growth
sectors for future investment.
B-BBEE remains an imperative for the Government as demonstrated by the revision of the
B-BBEE Codes of good practice which have placed more emphasis on the Ownership, Skills
N Em werme Fu d
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Development, Enterprise and Supplier Development elements. The Codes have refocused
black economic empowerment sharply on ownership. Black Industrialist development has
also taken centre stage in recent months with on-going dialogue between the dti, the NEF
and other DFIs to develop frameworks for meaningful implementation.
The NEF is acutely aware and welcomes the challenge of ensuring that we continue to strive
toward inclusive economic participation and sustainable growth.
10.2 Organisa onal Delivery Environment (Internal)
The NEF has grown into a credible development finance institution that has managed to
steadily increase approval and disbursement activity over the last few years. The
organisation approved 716 transactions worth approximately R6.9 billion and made
disbursements of up-to R4.8 billion as at 31 December 2015. By the end of the third quarter
of the year 2015/16, the NEF is geared to support 2 099 job opportunities (of which 1034 are
new). This brought the number of job opportunities geared to be supported since inception to
83 987 (59 117 of which are new).
Year to date ending 31 December 2015, the NEF has approved 73 transactions worth a total
of R592 million. The NEF committed to 71 transactions worth R449 million, and disbursed a
total of R479 million2. The Women Empowerment Fund underlies the NEF’s commitment to
women empowerment and in the current financial year 2015/16, women-owned businesses
account for 54% of the new deals disbursed to date, as at 31st December 2015.
The NEF is reassured by the State President’s comments at the Black Industrialists Indaba
on the importance of the organisation, amongst other DFIs in the development of Black
Industrialists. We are also optimistic about the steps that are being taken by the dti and
National Treasury to secure the future funding of the NEF.
2 Please note that the NEF revised the definitions for deal status for use in operational reporting in alignment with industry practice. The new definitions were effective from 1 April 2013 and are defined in the section titled “Acronyms”.
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The NEF has built strong systems and processes to grow its portfolio, and is able to continue
to increase deal activity once the fund is recapitalised. In doing so, the NEF would be able
to continue making a meaningful contribution to the economy.
10.2.1 The NEF’s Target market
The NEF provides funding to black entrepreneurs for start-up and expansion companies as
well as for acquiring equity in existing white-owned businesses in line with the transformation
objectives of B-BBEE. The target market is further segmented into the following tiers:
• Black individuals and groups with significant operational experience and an extensive
investment portfolio and accumulated capital (Tier 1).
• Black individuals and groups with operational experience which could include having
concluded a limited number of BEE transactions. This sector typically has limited
accumulated capital with existing Investments still encumbered / “not in the money
yet” (Tier 2).
• Black individuals and groups with limited business or entrepreneurial experience
(Tier 3).
• White individuals and groups who own, manage and/or control economic means and
are potential partners for, or opponents to, economic transformation (Tier 4).
10.2.1.1 Challenges faced by the target market.
In bridging the economic divide the NEF strives to address the following market failures:
• Lack of access to finance.
• Lack of access to markets.
• Lack of specific industry-knowledge and/or management experience.
• Limited or no equity contribution.
• Often undercapitalized and have low asset base.
• Lack of accurate and reliable information and lack of business-planning skills.
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• Lack of management depth – small and multifunctional, and often lack a range of
business-management skills.
In response to these challenges, the NEF has developed financial and non-financial services
to assist the target market. The NEF offers funding in the range from R250 000 to
R75 million or more where the NEF considers it strategic to do so with a focus on
sustainability. Suitable applicants therefore have access to affordable capital through the
NEF.
10.2.2 Analysis of Strengths, Weaknesses, Opportuni es and Threats (SWOT)
A brief summary of the NEF’s strengths, weaknesses, opportunities and threats is listed
below:
Strengths
• Innovative and solutions-based products. • Institutional and operational maturity. • Maintenance of high standards of corporate
governance. The NEF has rigorous accounting, governance and regulatory frameworks together with sound financial management systems. The NEF also has a good internal control environment.
• Non-financial support provided. • Growing national footprint, together with
increased visibility through local conferences, exhibitions and civil society initiatives, which optimises visibility of the NEF.
• Employee Wellness, training, performance management, together with the Values and Culture Programme is contributing to a healthy and performance-orientated organisational culture.
• Technically strong and committed staff. • Track record in BEE funding. • Established portfolio with lessons learnt
database.
Opportunities
• Providing access to funding for BEE entrants.
• Thought leadership on B-BBEE. • Ability to contribute towards job support and
creation. • Contribute to closing the gaps in the
economic value chain. • Support of agriculture and other priority
sectors. • Low cost of funding. • Expansion into other parts of Africa.
National Empowerment Fund
Annual Performance Plan for 2016/17 19 24
Weaknesses
Need to be recapitalised in order to continue fulfilling mandate.
Need to rebuild staff morale. Sustainability and quality of deal flow which
impacts impairments and write-offs. Low approval rate on number of applications received due to the poor quality of the applications.
Need to improve efficiency of information systems.
Threats
Inability to secure additional capital. Lower consumer and investor confidence. Slow pace of transformation across the
economy. B-BBEE being viewed as a stand-alone
policy with organisations only complying with minimum requirements.
Potential gearing of the balance sheet could increase the cost of funding for investees.
Potential loss of key staff.
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11. Key programmes aligned to Government Priorities
The NEF seeks to align its strategy and activities with the priorities of national government.
Details of this are provided below.
11.1 Alignment to the d
The NEF actively contributes to the following strategic objectives of the dti.
the dti Strategic Objectives NEF Strategic Objectives Programmes/ Activities
Facilitate transformation of the
economy to promote industrial
development, investment,
competitiveness and employment
creation.
Provide finance to business
ventures established and
managed by black people.
Approval and Commitment
activities by the funds.
(iMbewu Fund, Rural &
Community Development
Fund, uMnotho Fund,
Women Empowerment
Fund and Strategic Projects
Fund)
Invest in black empowered
business’ that have high
employment creating
opportunities.
Approval and Commitment
activities by the funds.
(iMbewu Fund, Rural &
Community Development
Fund, uMnotho Fund,
Women Empowerment
Fund and Strategic Projects
Fund)
Black economic empowerment is
advanced through commercially
sustainable enterprise.
Non-financial support
activities including
mentorship, entrepreneurial
development, and portfolio
management activities.
Facilitate broad-based economic
participation through targeted
interventions to achieve more
inclusive growth.
Encourage and promote savings,
investment and meaningful
economic participation by black
people.
Investor education
campaign.
•
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11.2
Al
ignm
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o th
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evel
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lan
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ilest
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list
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the
Nat
iona
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elop
men
t Pla
n to
whi
ch th
e N
EF
can
cont
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e in
clud
e:
• In
crea
sing
em
ploy
men
t fro
m 1
3 m
illio
n in
201
0 to
24
mill
ion
in 2
030.
• B
road
en o
wne
rshi
p of
ass
ets
to h
isto
rical
ly d
isad
vant
aged
gro
ups.
By
focu
sing
on
its m
anda
te w
hich
is t
o pr
omot
e an
d fa
cilit
ate
blac
k ec
onom
ic p
artic
ipat
ion
in t
he e
cono
my,
the
NE
F is
abl
e to
con
tribu
te
tow
ards
the
trans
form
atio
n of
the
econ
omy.
In
parti
cula
r, th
e N
EF
can
cont
ribut
e to
war
ds th
e ac
hiev
emen
t of t
hese
mile
ston
es b
y co
ntrib
utin
g
to th
e cr
eatio
n of
em
ploy
men
t thr
ough
the
finan
cial
and
non
-fina
ncia
l sup
port
of e
ntre
pren
eurs
.
“Em
ploy
men
t sce
nario
s pr
epar
ed b
y th
e C
omm
issi
on s
ugge
st th
at
mos
t new
jobs
are
like
ly to
be
sour
ced
in d
omes
tic-o
rient
ated
busi
ness
es, a
nd in
gro
win
g sm
all-
and
med
ium
-siz
ed fi
rms.
”
(Pag
e 39
, Nat
iona
l Dev
elop
men
t Pla
n)
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
27
Thro
ugh
the
fund
ing
of s
usta
inab
le lo
cal b
lack
-ow
ned
vent
ures
, the
NE
F w
ould
be
activ
ely
cont
ribut
ing
tow
ards
sup
porti
ng lo
cal,
blac
k-ow
ned,
smal
l and
med
ium
siz
ed e
nter
pris
es, a
nd in
doi
ng s
o, s
uppo
rting
the
job
crea
tion
abili
ties
of th
ese
firm
s.
The
NE
F al
so s
trive
s to
con
tribu
te
tow
ards
the
prom
otio
n of
labo
ur a
bsor
bing
indu
strie
s by
fund
ing
trans
actio
ns in
the
prio
rity
sect
ors.
In
add
ition
, the
fund
ing
prov
ided
by
the
NE
F ca
n su
ppor
t loc
al b
usin
ess
and
cont
ribut
e to
war
ds a
ttrac
t fun
ding
from
priv
ate
inve
stor
s th
roug
h co
-fund
ing
arra
ngem
ents
.
The
NE
F is
abl
e to
con
tribu
te to
war
ds th
e cr
eatio
n of
an
inte
grat
ed r
ural
eco
nom
y th
roug
h its
Rur
al &
Com
mun
ity D
evel
opm
ent F
und,
whi
ch
focu
ses
on fu
ndin
g ag
ricul
tura
l pro
j ect
s in
rura
l are
as.
In d
oing
so,
the
fund
con
tribu
tes
to th
e de
velo
pmen
t of r
ural
eco
nom
ies,
as
wel
l as
the
deve
lopm
ent o
f agr
icul
ture
and
agr
o-pr
oces
sing
and
tour
ism
in ru
ral a
reas
.
Thro
ugh
the
cont
inua
tion
of it
s In
vest
or E
duca
tion
Pro
gram
me,
the
NE
F en
deav
ours
to in
culc
ate
a sp
irit o
f ent
repr
eneu
rshi
p, a
s w
ell a
s sa
ving
s
and
inve
stm
ent.
The
alig
nmen
t of t
he N
EF’
s st
rate
gy a
nd a
ctiv
ities
with
Out
com
e 4
of th
e M
ediu
m T
erm
Stra
tegi
c Fr
amew
ork
is p
rese
nted
bel
ow.
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
1. P
rodu
ctiv
e in
vest
men
t is
effe
ctiv
ely
crow
ded
in th
roug
h th
e in
fras
truc
ture
bui
ld
prog
ram
me
Supp
ort f
or lo
cal
supp
liers
for
infr
astr
uctu
re
prog
ram
me
% s
hare
of l
ocal
in
puts
in
gove
rnm
ent
infr
astr
uctu
re
The
NE
F su
ppor
ts lo
cal s
uppl
iers
to g
over
nmen
t’s in
frast
ruct
ure
prog
ram
mes
by s
uppo
rting
loca
l sup
plie
rs.
For i
nsta
nce,
the
NE
F ha
s fu
nded
loca
l B-B
BE
E
supp
lier i
nvol
ved
in th
e P
RA
SA
rolli
ng s
tock
sup
ply
cont
ract
. Th
e pr
ojec
t als
o
aim
s to
pro
vide
Bla
ck w
omen
ow
ned
busi
ness
es w
ith a
n ef
fect
ive
plat
form
from
whi
ch th
ey c
an tr
ansi
tion
into
inde
pend
ent b
usin
esse
s.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
28
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
Pas
seng
er R
ail A
genc
y of
Sou
th A
frica
(PR
AS
A) (
R90
milli
on c
omm
itted
)
• P
RA
SA
initi
ated
a ro
lling
sto
ck fl
eet r
enew
al p
rocu
rem
ent p
rogr
am w
orth
R50
bn w
ith e
xpec
ted
mai
nten
ance
con
tract
of R
10bn
ove
r 10
year
s to
repl
ace
the
agin
g st
ock
• P
RA
SA
inte
nd fo
r loc
al B
lack
ent
repr
eneu
rs to
par
ticip
ate
econ
omic
ally
in
the
roll
out o
f the
rolli
ng s
tock
Dur
ing
the
initi
al s
tage
s, th
e N
EF
war
ehou
sed
the
shar
es in
tend
ed to
ben
efit
Act
ive
Bla
ck E
nter
pris
es, I
nves
tor B
lack
Ent
erpr
ises
, Em
ploy
ee T
rust
s, a
nd
the
Edu
catio
n Tr
ust w
hich
will
bene
fit a
ppro
xim
atel
y 12
0 pe
ople
.
The
proj
ect a
ims
to a
chie
ve a
min
imum
of 6
6% a
vera
ge lo
cal c
onte
nt.
fo gnidliub ehT
stra
tegi
c in
fras
truc
ture
st
imul
ates
cro
wdi
ng in
of
pro
duct
ive
inve
stm
ent.
New
pro
duct
ive
inve
stm
ents
util
ise
the
infr
astr
uctu
re
prov
ided
by
ever
y SI
P.
By
supp
ortin
g ho
spita
l and
tele
com
mun
icat
ions
pro
ject
s, th
e N
EF
is in
vest
ing
in s
trate
gic
infra
stru
ctur
e th
at h
as th
e ab
ility
to a
ttrac
t pro
duct
ive
inve
stm
ent.
Two
of th
ese
inve
stm
ents
are
out
lined
bel
ow:
Bus
aMed
(R
260
milli
on in
vest
ed)
• Th
e N
EF,
in p
artn
ersh
ip w
ith a
bla
ck e
ntre
pren
eur,
is d
evel
opin
g th
e
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
29
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
four
th la
rges
t hos
pita
l gro
up (B
usaM
ed),
offe
ring
spec
ialis
t ser
vice
s
(orth
opae
dic,
spo
rts m
edic
ine
and
card
iolo
gy) i
n S
outh
Afri
ca
• B
usam
ed (
PTY
) Lt
d is
a 1
00%
bla
ck-o
wne
d an
d co
ntro
lled
priv
ate
hosp
ital g
roup
.
• Th
e gr
oup
is d
evel
opin
g fo
ur h
ospi
tals
acr
oss
thre
e pr
ovin
ces
in
Sou
th A
fric
a. T
he fi
rst h
ospi
tal,
loca
ted
in P
aard
evle
i (W
este
rn C
ape)
is n
ow o
pera
tiona
l and
was
offi
cial
laun
ched
in M
ay 2
015.
The
Mod
derf
onte
in h
ospi
tal i
s cu
rren
tly u
nder
con
stru
ctio
n, w
ith
com
mer
cial
ope
ratio
n ex
pect
ed to
com
men
ce e
arly
in 2
016.
Ear
thw
orks
on
the
Har
rism
ith a
nd B
loem
font
ein
hosp
itals
are
unde
rway
.
• Th
e N
EF
had
unlo
cked
val
ue in
the
proj
ect b
y in
vest
ing
a to
tal o
f
R26
0 m
illio
n in
Bus
amed
Gro
up. C
urre
ntly
the
NE
F’s
inve
stm
ent h
as
been
dilu
ted
to a
ppro
xim
atel
y 21
% (
earn
ing
the
NE
F an
IRR
of
15%
) w
ith th
e ba
lanc
e of
the
owne
rshi
p he
ld b
y pr
ojec
t pro
mot
er. O
n
com
plet
ion,
the
proj
ect w
ould
hav
e cr
eate
d a
tota
l of a
ppro
xim
atel
y
7 00
0 jo
b op
port
uniti
es.
Link
Afri
ca (R
100
mill
ion
inve
sted
)
• Th
e pr
ojec
t aim
s to
dep
loy
last
mile
fibr
e op
tic c
able
s ac
ross
the
natio
nal l
ands
cape
of S
outh
Afr
ica
via
a lic
ense
d an
d pa
tent
ed
tech
nolo
gy th
at u
ses
exis
ting
sew
er a
nd o
ther
cur
rent
ly e
xist
ing
infr
astru
ctur
e
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
30
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
• Th
e pr
imar
y ob
ject
ives
of t
he p
roje
ct a
re to
: est
ablis
h op
en a
cces
s
tele
com
mun
icat
ions
infra
stru
ctur
e th
at m
ay b
e us
ed b
y an
y lic
ense
d
tele
com
mun
icat
ion
sect
or s
ervi
ce p
rovi
der,
dism
antle
the
inte
nsiv
e ca
pex
and
infra
stru
ctur
e ba
rrier
s to
ent
ry in
the
tele
com
mun
icat
ion
sect
or a
nd
avai
l mor
e af
ford
able
and
eas
ily a
vaila
ble
com
mun
icat
ion
serv
ices
to S
ME
mar
ket.
• Th
e N
EF
has
succ
essf
ully
dis
pose
d of
its
shar
ehol
ding
in th
e pr
ojec
t
and
this
has
see
n th
e in
trodu
ctio
n of
a S
wis
s eq
uity
pla
yer a
s fo
reig
n
dire
ct in
vest
or.
• Li
nk A
fric
a is
now
in th
e pr
oces
s of
rai
sing
a w
orki
ng c
apita
l fac
ility
in
orde
r to
del
iver
on
a R
1bn
secu
red
orde
r bo
ok.
The
NE
F ha
s in
vest
ed a
tota
l of R
105
milli
on in
infra
stru
ctur
e pr
ojec
ts a
nd is
cons
ider
ing
othe
r inf
rast
ruct
ure
deve
lopm
ent i
nitia
tives
in th
e w
ater
and
ener
gy s
ecto
rs.
2.
The
prod
uctiv
e se
ctor
s ac
coun
t for
a
grow
ing
shar
e of
pr
oduc
tion
and
empl
oym
ent.
IPA
P im
plem
ente
d an
d re
view
ed re
gula
rly in
te
rms
of im
pact
s on
gr
owth
, em
ploy
men
t, in
vest
men
t, ou
tput
,
IPA
P se
ctor
in
terv
entio
ns
tow
ards
gro
wth
, em
ploy
men
t cr
eatio
n an
d m
ore
In 2
007,
the
Nat
iona
l Em
pow
erm
ent F
und
(NEF
) est
ablis
hed
the
Stra
tegi
cPr
ojec
ts F
und
(SPF
), to
pro
vide
ven
ture
cap
ital e
ntre
pren
eur f
undi
ng in
ear
ly
deve
lopm
ent s
tage
pro
ject
s w
ithin
stra
tegi
c S
outh
Afri
can
econ
omy-
driv
ing
sect
ors
as p
er g
over
nmen
t’s In
dust
rial P
olic
y A
ctio
n Pl
an (I
PA
P).
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
31
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
expo
rts
and
Afr
ican
re
gion
al d
evel
opm
ent.
equi
tabl
e in
com
es
unde
rway
. In
line
with
IPA
P, S
PF
was
est
ablis
hed
to: c
reat
e ne
w m
anuf
actu
ring
and
indu
stria
l cap
acity
, cre
ate
an in
clus
ive
econ
omy
and
new
job
oppo
rtuni
ties,
incr
ease
Sou
th A
frica
’s e
xpor
t ear
ning
pot
entia
l and
redu
ce im
port
depe
nden
cy, a
s w
ell a
s to
incr
ease
co-
inve
stm
ent a
nd li
nkag
e w
ith fo
reig
n
dire
ct in
vest
men
t.
SP
F fo
cuse
s its
inve
stm
ents
in th
e st
rate
gic
Sou
th A
frica
n ec
onom
y-dr
ivin
g
sect
ors,
incl
udin
g bu
t not
lim
ited
to; m
iner
al a
nd re
sour
ces
bene
ficia
tion,
infra
stru
ctur
e, g
reen
/rene
wab
le in
dust
ries,
man
ufac
turin
g, a
gro-
proc
essi
ng,
busi
ness
pro
cess
ser
vice
s an
d to
uris
m.
SP
F cu
rrent
ly h
as a
bout
24
proj
ects
und
er d
evel
opm
ent.
The
tota
l pot
entia
l num
ber o
f job
opp
ortu
nitie
s to
be
crea
ted
is 8
0,00
0 (1
4,00
0
dire
ct/6
6,00
0 in
dire
ct)
The
impl
emen
tatio
n of
the
proj
ects
requ
ires
appr
oxim
atel
y R
25 b
illion
in
capi
tal,
of w
hich
app
roxi
mat
ely
R4
billio
n is
due
by
the
NE
F, in
resp
ect o
f its
equi
ty in
tere
sts
held
in th
e pr
ojec
ts.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
32
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
yciloP larutlucirgA
A
ctio
n Pl
an (A
PAP)
de
velo
ped,
im
plem
ente
d an
d re
view
ed re
gula
rly in
te
rms
of im
pact
on
grow
th, e
mpl
oym
ent,
rura
l inc
omes
, in
vest
men
t, ou
tput
, ex
port
s an
d A
fric
an
regi
onal
dev
elop
men
t.
APA
P se
ctor
and
cr
oss-
cutti
ng
inte
rven
tion
tow
ards
gro
wth
, em
ploy
men
t cr
eatio
n an
d hi
gher
ru
ral i
ncom
es
unde
rway
.
The
Rur
al &
Com
mun
ity D
evel
opm
ent F
und
focu
ses
on th
e pr
ovis
ion
of
finan
ce to
rura
l and
agr
icul
tura
l com
mun
ities
, whi
ch s
uppo
rts e
mpl
oym
ent
crea
tion
in ru
ral a
reas
and
the
agric
ultu
ral s
ecto
r. T
his
is a
chie
ved
by:
1.
Pro
mot
ing
acce
ss to
fina
nce
for b
lack
ent
repr
eneu
rs.
2.
Pro
mot
ing
econ
omic
tra
nsfo
rmat
ion
in
orde
r to
en
able
m
eani
ngfu
l
parti
cipa
tion
of b
lack
peo
ple
in th
e ec
onom
y.
3.
Incr
ease
the
par
ticip
atio
n of
com
mun
ities
, w
orke
rs,
co-o
pera
tives
and
othe
r col
lect
ive
Ent
erpr
ises
ow
n an
d m
anag
ed b
y bl
ack
peop
le.
4.
Cre
atin
g su
stai
nabl
e ru
ral e
nter
pris
es a
nd th
ereb
y as
sist
ing
in th
e cr
eatio
n
of jo
b op
portu
nitie
s an
d su
stai
nabl
e in
com
es.
A p
ropo
sed
new
pro
duct
offe
ring
whi
ch w
ill t
arge
t th
e fo
llow
ing
sect
ors,
thro
ugh
the
esta
blis
hmen
t of
spe
cific
foc
used
fun
ds i
s cu
rrent
ly u
nder
way
.
This
will
incl
ude:
• A
gro
proc
essi
ng F
und
• Fo
rest
ry F
und
yrtseroF ,erutlucirgA
an
d Fi
sher
ies
Mar
ket
and
Trad
e D
evel
opm
ent
Stra
tegy
Trad
e an
d D
evel
opm
ent
Stra
tegy
and
cro
ss-
cutti
ngin
terv
entio
ns
tow
ards
gro
wth
, em
ploy
men
t cr
eatio
n an
d hi
gher
ru
ral i
ncom
es
unde
rway
.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
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9
33
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
The
Rur
al &
Com
mun
ity D
evel
opm
ent F
und
forg
es r
elat
ions
hips
with
var
ious
depa
rtmen
ts a
nd a
genc
ies
that
are
act
ive
in t
he s
ecto
r. W
e in
tend
to
conc
lude
thre
e M
OU
s to
sup
port
our i
nter
vent
ions
and
a jo
int p
ropo
sed
fund
to
addr
ess
the
key
elem
ents
of s
ecto
r de
velo
pmen
t, es
peci
ally
Agr
o pr
oces
sing
and
Fore
stry
tran
sfor
mat
ion.
Exa
mpl
es o
f NE
F in
vest
men
ts in
the
agro
-pro
cess
ing
sect
or in
clud
e M
ohal
e
Agr
icul
tura
l Co-
oper
ativ
e (R
13.7
mill
ion)
, an
agro
-pro
cess
ing
proj
ect i
s
cont
ribut
ing
to th
e po
ultry
val
ue c
hain
, and
em
ploy
s 30
peo
ple.
The
NE
F ha
s
also
inve
sted
R26
.8 m
illio
n in
Ber
lin B
eef,
the
first
bla
ck-o
wne
d fe
edlo
t in
the
Eas
tern
Cap
e.
noitaicifeneB gnini
M
Act
ion
Plan
(MB
AP)
de
velo
ped
impl
emen
ted
and
revi
ewed
regu
larly
in
term
s of
impa
ct o
n gr
owth
, em
ploy
men
t, ru
ral i
ncom
es,
inve
stm
ent,
outp
ut,
expo
rts
and
Afr
ican
MB
AP
deve
lope
d an
d im
plem
ente
d.
In s
uppo
rt of
the
MB
AP
, SP
F ha
s se
vera
l min
eral
ben
efic
iatio
n-re
late
d
proj
ects
und
er d
evel
opm
ent.
Rar
e M
etal
Indu
strie
s (R
MI)
(R13
.5 m
illio
n in
vest
ed)
• R
MI i
nten
ds to
est
ablis
h th
e w
orld
-firs
t int
egra
ted
chem
ical
refin
ery
plan
t
prod
ucin
g pu
re T
itani
um, Z
ircon
ium
, Haf
nium
and
PV
gra
de S
ilicon
• Th
e pr
ojec
t is
curr
ently
at t
he B
anka
ble
Feas
ibili
ty S
tage
(BFS
) and
will
crea
te c
irca
7,00
0 jo
b op
portu
nitie
s (2
,800
dire
ct/4
,200
indi
rect
)
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
34
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
regi
onal
dev
elop
men
t. S
A M
etal
s (S
AM
E)
(R40
mill
ion
inve
sted
)
• Th
e S
AM
E p
roje
ct is
for t
he p
oten
tial e
stab
lishm
ent o
f a p
ig ir
on
prod
uctio
n pl
ant w
ith a
pro
duct
ion
capa
city
of c
irca
500,
000
mtp
a of
pig
iron,
incl
udin
g tit
aniu
m a
nd v
anad
ium
sla
gs a
s by
pro
duct
s
• Th
e pr
ojec
t is
curr
ently
at t
he B
anka
ble
Feas
ibili
ty S
tage
(BFS
) and
will
crea
te c
irca
1,30
0 jo
b op
portu
nitie
s (6
00 d
irect
/700
indi
rect
)
The
NE
F ha
s in
vest
ed a
tota
l of R
66.5
mill
ion
in m
iner
al b
enef
icia
tion
proj
ects
.
elahs elbaiv enimrete
D
gas •
Expl
orat
ion
plan
de
velo
ped
• A
ppro
pria
te
legi
slat
ion
deve
lope
d
Econ
omic
ally
vi
able
sha
le g
as
rese
rves
de
term
ined
Alth
ough
not
invo
lved
in s
hale
gas
exp
lora
tion,
by
supp
ortin
g a
nucl
ear
indu
stry
trai
ning
initi
ativ
e th
e N
EF
seek
s to
con
tribu
te to
war
ds c
lean
ene
rgy
deve
lopm
ent i
n S
outh
Afri
ca.
Nuc
lear
Lea
rnin
g To
ur (F
ranc
e, 2
012)
In a
ntic
ipat
ion
of th
e ro
ll-ou
t of t
he N
ucle
ar B
uild
Pro
gram
me
in S
outh
Afri
ca,
the
Nat
iona
l Em
pow
erm
ent F
und
(NE
F) s
ough
t to
educ
ate
itsel
f and
bla
ck
entre
pren
eurs
on
the
nucl
ear e
nerg
y se
ctor
val
ue c
hain
rela
ted
to n
ucle
ar
plan
ts h
ence
it s
ent a
del
egat
ion
of 1
4 to
Fra
nce
in 2
012
to a
ttend
the
Are
va
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
35
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
Nuc
lear
Lea
rnin
g To
ur
• Th
e N
EF,
in c
olla
bora
tion
with
the
Nuc
lear
Indu
stry
Ass
ocia
tion
of S
outh
Afri
ca (N
IAS
A),
host
ed th
e N
ucle
ar In
dust
ry E
mpo
wer
men
t Con
fere
nce
in
Oct
ober
201
2 in
pre
para
tion
for a
nd to
mar
ket t
he N
ucle
ar B
uild
Pro
gram
me,
as
wel
l as
to p
rovi
de a
net
wor
king
pla
tform
for n
ucle
ar
indu
stry
sta
keho
lder
s, in
clud
ing
nucl
ear p
lant
OE
Ms,
fund
ing
inst
itutio
ns
and
blac
k en
trepr
eneu
rs (s
ervi
ce p
rovi
ders
, equ
ipm
ent s
uppl
iers
,
inve
stor
s et
c.)
• Th
e N
EF
faci
litat
ed fo
r a to
tal o
f 14
dele
gate
s to
atte
nd th
e A
reva
Nuc
lear
Lear
ning
Tou
r in
Fran
ce in
201
2. T
he o
bjec
tives
of t
he to
ur in
clud
ed;
crea
ting
an u
nder
stan
ding
of n
ucle
ar b
asic
s an
d ph
ysic
s, e
stab
lishi
ng a
n
appr
ecia
tion
of th
e nu
clea
r ind
ustry
from
ura
nium
min
ing
to n
ucle
ar p
ower
plan
t equ
ipm
ent p
rodu
ctio
n, in
clud
ing
deve
lopi
ng a
n un
ders
tand
ing
of
proj
ect f
inan
cing
nuc
lear
pla
nts
and
risk
miti
gatio
n
• Fu
rther
mor
e, it
was
exp
ecte
d of
the
blac
k S
ME
’s w
ho p
artic
ipat
ed in
the
lear
ning
tour
that
they
wou
ld id
entif
y an
d ex
plor
e fo
r exp
loita
tion,
entre
pren
euria
l opp
ortu
nitie
s w
ithin
the
valu
e ch
ain
of th
e pr
opos
ed S
outh
Afri
can
Nuc
lear
bui
ld P
rogr
amm
e, in
clud
ing
iden
tifyi
ng p
oten
tial f
undi
ng
mea
ns fo
r any
inve
stm
ent p
rosp
ects
.
The
ultim
ate
goal
of t
he p
rogr
amm
e is
to s
uppo
rt bl
ack
SM
E’s
and
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
36
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
entre
pren
eurs
who
may
wan
t to
posi
tion
them
selv
es in
this
sec
tor.
lanoitaN tne
melpmI
To
uris
m S
trat
egy
and
revi
ew im
pact
regu
larly
in
term
s of
impa
ct o
n gr
owth
, em
ploy
men
t, in
vest
men
t, ou
tput
, ex
port
s an
d A
fric
an
regi
onal
dev
elop
men
t.
Tour
ism
Str
ateg
y in
terv
entio
ns
tow
ards
gro
wth
, em
ploy
men
t cr
eatio
n an
d hi
gher
in
com
es fo
r poo
r ho
useh
olds
un
derw
ay.
The
NE
F’s
inte
rven
tions
in to
uris
m in
clud
e th
e fu
ndin
g of
hot
els
and
gam
e
lodg
es.
Thes
e in
clud
e in
vest
men
ts in
Tal
a G
ame
Res
erve
, Rhi
no L
odge
and
Jozi
ni C
ount
ry L
odge
.
The
follo
win
g tra
nsac
tion
wer
e un
derta
ken
in a
n ef
fort
to a
ddre
ss th
e im
pact
of
grow
th a
nd s
usta
inab
le e
mpl
oym
ent i
n th
e to
uris
m s
ecto
r
TALA
Priv
ate
Gam
e R
eser
ve (R
14.1
mill
ion)
is a
wild
life
cons
erva
ncy
hidd
en
in th
e hi
lls o
f a q
uiet
farm
ing
com
mun
ity n
ot fa
r fro
m D
urba
n in
Kw
aZul
u-N
atal
.
TALA
is
si
tuat
ed
betw
een
Dur
ban
and
Pie
term
aritz
burg
, co
nven
ient
ly
acce
ssib
le o
ff th
e N
3 th
roug
h th
e C
ampe
r-do
wns
off-
ram
p on
the
R60
3.
Spa
nnin
g ov
er
2092
he
ctar
es
and
inco
rpor
atin
g m
any
dive
rse
natu
ral
envi
ronm
ents
, the
rese
rve
feat
ures
wel
l ove
r 380
bird
spe
cies
, with
gam
e su
ch
as r
hino
, kud
u, h
ippo
, gira
ffe a
nd th
e ra
re s
able
ant
elop
e. S
ever
al d
istin
ctiv
e
and
rem
arka
ble
plan
t sp
ecie
s ar
e al
so t
o be
fou
nd o
n TA
LA.
The
gam
e
rese
rve
is o
wne
d 10
0% b
y th
e N
kum
bule
ni C
omm
unity
Tru
st.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
37
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
Rhi
no L
odge
KZN
(R23
.7 m
illio
n)
The
proj
ect e
ntai
ls th
e es
tabl
ishm
ent o
f a 4
4 be
d S
afar
i Lod
ge lo
cate
d in
the
Mpe
mbe
ni
Gam
e R
eser
ve.
The
man
agem
ent
of
the
lodg
e ha
s be
en
cont
ract
ed to
Tou
rves
t and
they
will
offe
r Big
5 g
ame
driv
es a
nd w
alks
, bird
ing
and
spa
treat
men
t.
The
Mpe
mbe
ni C
omm
unity
Tru
st r
epre
sent
s th
e in
tere
sts
of a
ppro
xim
atel
y
600
hous
ehol
ds w
ho fa
ll un
der
the
Trib
al A
utho
rity
of iN
kosi
Hla
bisa
and
the
Em
pem
beni
Trib
al C
ounc
il.
The
proj
ect h
as b
een
endo
rsed
by
the
Eze
mve
lo K
ZN W
ildlif
e, K
ZN T
ouris
m
Aut
horit
y an
d th
e of
fice
of th
e M
EC
of E
cono
mic
Dev
elop
men
t and
Tou
rism
Jozi
ni T
iger
Lod
ge (R
28.3
milli
on)
The
Jozi
ni T
iger
Lod
ge is
a f
our-s
tar
hote
l in
Kw
aZul
u N
atal
whe
re t
he N
EF
inve
stm
ent o
f R28
.3 m
illion
has
hel
ped
a co
mm
unity
trus
t rep
rese
ntin
g 22
000
bene
ficia
ries
to a
cqui
re 3
3.4%
of t
he s
hare
s in
the
busi
ness
.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
38
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
The
NE
F ha
s so
ught
to e
mpo
wer
the
loca
l com
mun
ity, w
hich
has
form
ed c
o-
oper
ativ
es t
o pr
ovid
e ne
cess
ary
serv
ices
(e.
g. a
Day
Spa
, la
undr
y se
rvic
es)
and
supp
lies
to th
e ho
tel.
gnihcaoc edivorP
incu
batio
n, in
tens
ive
supp
ort a
nd fi
nanc
ing
to g
row
the
smal
l bu
sine
ss a
nd
coop
erat
ive
sect
or
tow
ards
a m
ore
incl
usiv
e ec
onom
y.
% o
f gro
wth
in th
e nu
mbe
r of s
mal
l bu
sine
ss a
nd
coop
erat
ives
% o
f sm
all
busi
ness
and
co
oper
ativ
es th
at
are
supp
orte
d an
d th
at a
re s
till
oper
atin
g on
e ye
ar
afte
r sup
port
pr
ovid
ed.
The
Ent
repr
eneu
rial D
evel
opm
ent S
trate
gy in
tend
s to
enh
ance
the
NE
F’s
impa
ct in
dev
elop
ing
entre
pren
eurs
hip
in S
outh
Afri
ca, m
ore
broa
dly
with
focu
s on
Fin
anci
al a
nd n
on-F
inan
cial
Sup
port
as w
ell a
s ad
voca
cy o
n is
sues
perta
inin
g to
ent
repr
eneu
rshi
p. W
e fu
rther
see
k to
incr
ease
the
parti
cipa
tion
by w
omen
and
you
th in
the
mai
n st
ream
eco
nom
y th
roug
h en
trepr
eneu
rshi
p.
The
follo
win
g in
itiat
ives
hav
e al
read
y be
en im
plem
ente
d as
par
t of t
he 3
-yea
r
impl
emen
tatio
n pl
an:
• B
usin
ess
Trai
ning
• In
cuba
tion
• G
over
nanc
e Tr
aini
ng
• M
ento
rshi
p (P
re a
nd P
ost I
nves
tmen
t)
• Th
e B
usin
ess
Pla
nner
tool
is o
n an
onl
ine
softw
are
tool
, int
ende
d to
ass
ist
entre
pren
eurs
to d
evel
op th
eir o
wn
busi
ness
pla
n an
d fin
anci
al p
roje
ctio
ns.
The
tool
is a
cces
sibl
e fre
e of
cha
rge
to a
ll en
trepr
eneu
rs (n
ot o
nly
entre
pren
eurs
wan
ting
to a
pply
for f
undi
ng fr
om N
EF)
to d
evel
op th
eir
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
39
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
busi
ness
pla
ns in
an
easy
and
use
r frie
ndly
man
ner.
To
date
, mor
e th
an
19,0
00 e
ntre
pren
eurs
hav
e ac
cess
ed th
e B
usin
ess
Pla
nner
Too
l.
• B
usin
ess
train
ing
is p
rovi
ded
prim
arily
to e
ntre
pren
eurs
ope
ratin
g in
outly
ing
area
s, in
clud
ing
NE
F br
oad
base
d in
vest
ee g
roup
s. T
his
is m
ade
up o
f 4-d
ay a
nd 2
-day
sim
ulat
ed tr
aini
ng s
essi
ons
inte
nded
to d
eliv
er
lear
ning
exp
erie
nces
on
busi
ness
man
agem
ent p
rinci
ples
and
bas
ic
know
ledg
e an
d un
ders
tand
ing
on fi
nanc
ial s
yste
ms,
repo
rting
and
con
trols
.
A m
inim
um o
f 18
train
ing
sess
ions
are
targ
eted
to b
e pr
ovid
ed p
.a.,
90%
of
thes
e in
rura
l are
as a
nd m
ore
than
70%
of t
he d
eleg
ates
are
wom
en.
• A
cces
s to
bus
ines
s in
cuba
tion
is fa
cilit
ated
for s
tart-
up a
nd e
xist
ing
ente
rpris
es. K
ey e
xit o
utco
mes
inco
rpor
ate
finan
cial
gro
wth
, job
cre
atio
n
and
full
com
plia
nce
with
lega
l and
regu
lato
ry re
quire
men
ts.
The
NE
F is
targ
etin
g 75
ent
erpr
ises
to b
e re
ferre
d fo
r inc
ubat
ion
in 2
016/
17.
• Tr
aini
ng o
n co
rpor
ate
gove
rnan
ce a
nd a
ssis
tanc
e w
ith th
e im
plem
enta
tion
ther
eof i
s pr
ovid
ed to
the
NE
F’s
broa
d-ba
sed
inve
stee
gro
ups
and
bene
ficia
ries.
Tra
inin
g is
pro
vide
d to
all
qual
ifyin
g in
vest
ee g
roup
s w
ithin
6-m
onth
s of
pro
ject
impl
emen
tatio
n an
d co
mpl
ianc
e to
cor
pora
te
gove
rnan
ce re
quire
men
ts in
12-
mon
ths.
• Th
e N
EF
esta
blis
hed
a m
ento
rshi
p pa
nel c
ompr
isin
g m
ore
than
110
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
40
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
indu
stry
and
tech
nica
l exp
erts
loca
ted
thro
ugho
ut th
e co
untry
. Key
obje
ctiv
es o
f the
men
tors
hip
prog
ram
me
incl
ude
the
deve
lopm
ent a
nd
mai
nten
ance
of s
usta
inab
le b
usin
esse
s w
hich
will
in tu
rn c
ontri
bute
to th
e
sust
aina
ble
grow
th o
f the
eco
nom
y, a
ssis
t with
the
turn
arou
nd
man
agem
ent o
f dis
tress
ed c
ompa
nies
and
bus
ines
s co
achi
ng.
A m
inim
um 3
-mon
th m
ento
rshi
p is
pro
vide
d to
all
smal
l bus
ines
s an
d
coop
erat
ives
fund
ed to
ass
ist p
rimar
ily w
ith th
e im
plem
enta
tion
of
adeq
uate
fina
ncia
l sys
tem
s an
d co
ntro
ls.
This
is p
rovi
ded
is a
dditi
on to
othe
r rel
evan
t pre
- and
pos
t-fun
ding
non
-fina
ncia
l sup
port.
no srevird boJ
supp
ortin
g th
e in
vest
men
t in
the
gree
n ec
onom
y, th
e so
cial
ec
onom
y an
d pu
blic
se
rvic
es a
s w
ell a
s A
fric
an re
gion
al
deve
lopm
ent t
o be
im
plem
ente
d an
d re
view
ed re
gula
rly in
te
rms
of im
pact
on
grow
th, i
nves
tmen
t, ou
tput
, exp
orts
and
A
fric
an re
gion
al
Sect
or a
nd c
ross
-cu
tting
inte
rven
tions
to
war
ds g
row
th,
empl
oym
ent
crea
tion
and
high
er
inco
mes
for p
oor
hous
ehol
ds
unde
rway
in
spec
ified
jobs
dr
iver
s.
The
NE
F ac
tivel
y se
eks
to s
uppo
rt pr
ojec
ts w
ith h
igh
job-
crea
tion
oppo
rtuni
ties,
esp
ecia
lly th
roug
h its
Stra
tegi
c P
roje
cts
Fund
. A
few
pro
ject
s in
the
rene
wab
le e
nerg
y se
ctor
with
job
crea
tion
pote
ntia
l are
out
lined
bel
ow.
KC
Ene
rgy
(R67
mill
ion
inve
sted
)
• K
C e
nerg
y is
dev
elop
ing
a co
-gen
erat
ion
(Com
bine
d H
eat a
nd P
ower
,
CH
P) p
lant
, whi
ch is
cur
rent
ly u
nder
con
stru
ctio
n
• Th
e C
HP
pla
nt w
ill pr
oduc
e ci
rca
60 tp
h of
ste
am a
nd g
ener
ate
6MW
p of
pow
er
• A
tota
l of c
irca
250
job
oppo
rtuni
ties
(35
dire
ct/2
15 in
dire
ct) w
ill be
cre
ated
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
41
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
deve
lopm
ent.
The
tota
l val
ue in
vest
ed in
rene
wab
le e
nerg
y pr
ojec
ts is
app
roxi
mat
ely
R20
5
mill
ion.
rof troppus egakcaP
supp
lier d
evel
opm
ent
espe
cial
ly s
tate
pr
ocur
emen
t
Prog
ress
ivel
y ris
ing
loca
l con
tent
le
vels
in to
tal s
tate
pr
ocur
emen
t.
The
Pro
cure
men
t fin
ance
pro
duct
pro
vide
s fu
ndin
g fo
r equ
ipm
ent a
nd w
orki
ng
capi
tal t
o as
sist
SM
Es
with
gua
rant
ee re
quire
men
ts in
con
stru
ctio
n pr
ojec
ts.
The
NE
F al
so p
rovi
des
shor
t-ter
m re
volv
ing
faci
litie
s to
ass
ist S
ME
s to
fulfi
l
once
-off
orde
rs fr
om s
tate
ow
ned
ente
rpris
es.
The
NE
F is
in th
e pr
oces
s of
forg
ing
dire
ct re
latio
ns w
ith s
tate
-ow
ned
ente
rpris
es a
nd g
over
nmen
t dep
artm
ents
to in
crea
se v
olum
es a
nd s
uppo
rt fo
r
proc
urem
ent s
et a
side
s, e
.g. R
and
Wat
er; E
skom
; Tra
nsne
t.
To d
ate:
• R
422.
7 m
illion
of i
nves
tmen
ts w
ere
mad
e in
237
SM
Es
to a
cces
s
proc
urem
ent o
ppor
tuni
ties
with
Sta
te-o
wne
d en
terp
rises
and
gov
ernm
ent
depa
rtmen
ts.
• R
310
milli
on h
as b
een
disb
urse
d to
dat
e in
190
SM
Es
• 43
% in
Gau
teng
Pro
vinc
e an
d 57
% s
prea
d ac
ross
Sou
th A
frica
• 34
% in
val
ue o
f inv
estm
ent a
re in
SM
Es
owne
d an
d m
anag
ed b
y B
lack
wom
en
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
42
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
The
targ
et fo
r Pro
cure
men
t Fin
ance
form
s pa
rt of
the
broa
der t
arge
t to
“Pro
vide
fina
nce
to b
usin
ess
vent
ures
est
ablis
hed
and
man
aged
by
Bla
ck
peop
le.”
The
NE
F ta
rget
for t
he P
rocu
rem
ent F
inan
ce p
rodu
ct in
the
curre
nt fi
nanc
ial
year
: R70
milli
on a
nd 3
0 S
ME
s
3. .
Elim
inat
ion
of
unne
cess
ary
regu
lato
ry b
urde
ns
and
low
er p
rice
incr
ease
s fo
r key
in
puts
fost
ers
inve
stm
ent a
nd
econ
omic
gro
wth
.
Not
app
licab
le
4. W
orke
rs’ e
duca
tion
and
skill
s in
crea
sing
ly m
eet
econ
omic
nee
ds.
Not
app
licab
le
5. E
xpan
ded
empl
oym
ent i
n D
evel
opm
ent o
f sm
allh
olde
r pro
duct
ion
Plan
to s
uppo
rt
smal
lhol
ders
D
evel
opm
ent o
f sm
allh
olde
r pro
duct
ion:
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
43
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
agric
ultu
re
in c
onte
xt o
f im
prov
ed
dist
rict p
lann
ing
and
link
to la
nd re
form
, ex
tens
ion,
mar
ketin
g an
d ot
her s
yste
ms.
deve
lope
d an
d in
corp
orat
ed in
A
PAP,
with
cle
ar
annu
al ta
rget
s.
Thro
ugh
the
prov
isio
n of
fu
ndin
g w
e ex
pect
to
ac
cele
rate
gr
owth
an
d
trans
form
atio
n th
e ru
ral
econ
omy,
to
crea
te d
ecen
t w
ork
and
sust
aina
ble
livel
ihoo
ds,
and
furth
er
cont
ribut
e to
bu
ildin
g ec
onom
ic
and
soci
al
infra
stru
ctur
e.
This
form
s pa
rt of
the
rura
l dev
elop
men
t stra
tegy
that
is li
nked
to la
nd a
nd a
grar
ian
refo
rm, f
ood
secu
rity,
and
tour
ism
.
• To
dat
e w
e ha
ve in
vest
ed R
165
milli
on in
the
Agric
ultu
ral s
ecto
r, eq
uatin
g
to R
79k
per
job.
Ave
rage
wom
en e
mpo
wer
men
t ac
hiev
ed is
abo
ut 6
0%
and
abou
t 90%
of t
he in
vest
ed p
ortfo
lio is
loca
ted
in o
utlin
ed P
rovi
nces
The
follo
win
g pr
ojec
ts w
ere
conc
lude
d:
Ntu
si D
airy
- Mpu
mal
anga
, Pro
ject
(R22
mill
ion
inve
sted
)
The
busi
ness
invo
lves
the
esta
blis
hmen
t of a
500
ha d
airy
farm
with
the
view
of p
rodu
cing
and
sup
plyi
ng m
ilk to
the
mar
ket t
hrou
gh C
love
r S
A. A
n of
f-tak
e
agre
emen
t ha
s be
en o
btai
ned
from
Clo
ver
SA
to
purc
hase
100
% o
f m
ilk
prod
uced
. The
farm
will
form
par
t of C
love
r Hig
hvel
d ro
ute
for m
ilk c
olle
ctio
ns.
Pie
t R
etie
f si
tuat
ed i
n th
e H
ighv
eld
Rou
te c
urre
ntly
has
nin
e (9
) fa
rms
that
supp
ly C
love
r S
A w
ith m
ilk.
The
proj
ect i
s fu
lly o
pera
tiona
l hav
ing
star
ted
its
oper
atio
ns in
Jun
e 20
14. H
owev
er, s
ubse
quen
t to
the
proj
ect i
mpl
emen
tatio
n
whi
ch n
ow m
ilks
150
cow
s, N
tusi
is s
uppl
ying
milk
to Z
aaib
erg
Dai
ry a
s C
love
r
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
44
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
SA
is
no l
onge
r co
llect
ing
milk
alo
ng t
his
rout
e, b
ecau
se t
hey
said
tha
t it
was
n’t p
rofit
able
.
The
busi
ness
is lo
cate
d in
Pie
t Ret
ief,
Mpu
mal
anga
Pro
vinc
e at
the
Mkh
ondo
Loca
l Mun
icip
ality
. Th
is a
rea
has
been
ear
mar
ked
by b
oth
the
Mpu
mal
anga
Pro
vinc
ial
Gov
ernm
ent
and
the
Nat
iona
l D
epar
tmen
t of
Rur
al D
evel
opm
ent
and
Land
Ref
orm
(D
RD
LR)
as o
ne o
f th
e P
rovi
ncia
l de
velo
pmen
t pr
iorit
y
area
s du
e to
hig
h le
vels
of u
nem
ploy
men
t and
und
er-d
evel
opm
ent.
The
area
has
suita
ble
clim
atic
and
soi
l con
ditio
ns fo
r dai
ry fa
rmin
g.
6. M
acro
-eco
nom
ic
cond
ition
s su
ppor
t em
ploy
men
t-cr
eatin
g gr
owth
Incr
ease
in in
dust
rial
finan
ce a
vaila
ble
In
crea
se in
in
dust
rial f
inan
ce
avai
labl
e
S
PF,
the
vent
ure
capi
tal f
und
of th
e N
atio
nal E
mpo
wer
men
t Fun
d (N
EF)
,
curre
ntly
has
in e
xces
s of
23
proj
ects
und
er d
evel
opm
ent,
in w
hich
it h
olds
equi
ty th
at is
war
ehou
sed
for f
utur
e di
strib
utio
n to
B-B
BE
E e
ntiti
es
•• Th
e im
plem
enta
tion
of th
e af
orem
entio
ned
proj
ects
requ
ires
circ
a R
27
billio
n in
cap
ital,
of w
hich
circ
a R
4 bi
llion
is d
ue b
y th
e N
EF,
in re
spec
t of
its e
quity
inte
rest
s he
ld in
the
proj
ects
7. R
educ
ed
wor
kpla
ce c
onfli
ct
and
impr
oved
co
llabo
ratio
n
Dev
elop
men
t of
prog
ram
mes
to a
ddre
ss
wor
kpla
ce c
onfli
ct
thro
ugh
(a) i
mpr
oved
Num
ber o
f w
orkp
lace
dis
pute
s de
clar
ed
The
NE
F be
lieve
s in
bui
ldin
g th
e re
quire
d hu
man
res
ourc
e ca
paci
ty t
hrou
gh
appr
opria
te
mec
hani
sms
that
w
ill en
sure
th
e tra
inin
g an
d de
velo
pmen
t,
upgr
adin
g sk
ills,
know
ledg
e, c
ompe
tenc
e an
d at
titud
e th
at w
ill co
ntrib
ute
to
the
achi
evem
ent o
f the
NE
F’s
goal
s an
d ob
ject
ives
.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
45
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
betw
een
gove
rnm
ent,
orga
nise
d bu
sine
ss a
nd
orga
nise
d la
bour
com
mun
icat
ion,
car
eer
mob
ility
, ski
lls
deve
lopm
ent a
nd
fairn
ess
in w
orkp
lace
s,
and
(b) s
tron
ger l
abou
r re
latio
ns s
yste
ms
The
NE
F’s
over
all t
rain
ing
and
deve
lopm
ent o
bjec
tives
are
to e
ncou
rage
and
supp
ort
empl
oyee
s to
atta
in t
heir
max
imum
pot
entia
l the
reby
con
tribu
ting
to
the
achi
evem
ent o
f the
NE
F’s
goal
s an
d ob
ject
ives
.
8. E
xpan
ded
econ
omic
oppo
rtun
ities
for
hist
oric
ally
ex
clud
ed a
nd
vuln
erab
le g
roup
s
Prog
ram
mes
to e
nsur
e in
crea
sed
acce
ss to
em
ploy
men
t and
en
trep
rene
ursh
ip fo
r w
omen
and
you
th in
the
cont
ext o
f str
onge
r su
ppor
t for
em
ergi
ng
and
smal
ler e
nter
pris
es
over
all.
Shar
e of
you
th
empl
oym
ent o
r ed
ucat
ion.
Shar
e of
wom
en in
fo
rmal
em
ploy
men
t.
The
NE
F ha
s es
tabl
ishe
d th
e W
omen
Em
pow
erm
ent F
und
(WE
F) th
at w
ill
focu
s on
onl
y su
ppor
ting
wom
en in
tran
sact
ions
. An
amou
nt o
f R22
0 m
illio
n
has
been
allo
cate
d to
the
fund
in th
e 20
15/1
6 fin
anci
al y
ear.
We
have
the
Kab
elo
Sei
tshi
ro B
ursa
ry S
chem
e w
hich
focu
ses
on fu
ndin
g
univ
ersi
ty s
tudi
es fo
r you
th a
nd s
uppo
rting
them
to q
ualif
y as
Cha
rtere
d
Acc
ount
ants
. Th
e N
EF
has
allo
cate
d R
1 m
illio
n to
war
ds th
is a
nnua
lly.
The
NE
F is
in th
e pr
oces
s of
look
ing
at p
artn
ersh
ips
with
oth
er o
rgan
isat
ions
for
othe
r bur
sary
sch
emes
.
As
part
of it
s in
tern
ship
pro
gram
me,
the
NE
F ta
rget
s gr
adua
tes
from
diff
eren
t
terti
ary
inst
itutio
ns a
nd p
rovi
des
them
on
the
job
train
ing
for
a ye
ar w
ith t
he
hope
of a
bsor
bing
them
in th
e sy
stem
bas
ed o
n th
eir p
erfo
rman
ce.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
46
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
The
NE
F ha
s pr
evio
usly
man
aged
and
pro
vide
d ad
ditio
nal f
inan
cial
sup
port
to
the
JIP
SA
/AFD
Jun
ior
Man
agem
ent
Dev
elop
men
t P
rogr
amm
e, w
hich
is
an
exch
ange
pro
gram
me
for
juni
or S
outh
Afri
can
man
ager
s to
gai
n va
luab
le
busi
ness
sch
ool
train
ing
and
prac
tical
wor
k ex
perie
nce
in F
ranc
e. 3
4 ju
nior
man
ager
s pa
rtici
pate
d in
the
firs
t in
take
, w
hich
was
fol
low
ed b
y 58
in
the
follo
win
g ye
ar.
The
NE
F is
cur
rent
ly lo
okin
g at
dev
elop
ing
othe
r pa
rtner
ship
s
with
the
BR
ICs
and
EU
cou
ntrie
s fo
r sim
ilar p
rogr
amm
es.
We
have
set
our
selv
es a
targ
et o
f ens
urin
g th
at B
lack
wom
en p
artic
ipat
e in
and
hold
eco
nom
ic b
enef
it of
a c
erta
in p
erce
ntag
e of
the
tota
l dis
burs
emen
ts
inve
sted
ann
ually
. A
nnua
l tar
gets
for t
his
are
40%
in 2
016/
2017
and
ther
eafte
r.
The
NE
F m
ust i
ncre
ase
the
num
ber o
f bus
ines
ses
owne
d an
d m
anag
ed b
y
Bla
ck p
eopl
e in
Sou
th A
frica
by
prov
idin
g fu
ndin
g to
suc
h en
terp
rises
. W
e ai
m
to a
ppro
ve n
ew tr
ansa
ctio
ns w
orth
R4.
1 bi
llion
by 2
019,
and
dis
burs
e
R3.
2 bi
llion
mor
e in
to th
e ec
onom
y du
ring
the
stra
tegi
c pl
anni
ng p
erio
d.
The
NE
F al
so a
ims
to p
rom
ote
econ
omic
par
ticip
atio
n of
peo
ple
hist
oric
ally
N E
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9
47
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
excl
uded
from
mai
nstre
am e
cono
my
by in
crea
sing
tran
sact
ions
in p
rovi
nces
with
low
act
ivity
and
in ru
ral a
reas
. Th
is w
ill be
ach
ieve
d by
incr
easi
ng th
e
over
all v
alue
of p
ortfo
lio in
und
er-re
pres
ente
d pr
ovin
ces
by e
nsur
ing
that
25%
of a
nnua
l dis
burs
emen
ts is
inve
sted
in th
e un
derre
pres
ente
d pr
ovin
ces
(nam
ely,
Nor
ther
n C
ape,
Eas
tern
Cap
e, L
impo
po, M
pum
alan
ga, N
orth
Wes
t
and
the
Free
Sta
te)
9. P
ublic
em
ploy
men
t sc
hem
es p
rovi
de
shor
t-ter
m re
lief f
or
the
unem
ploy
ed
and
build
co
mm
unity
so
lidar
ity a
nd
agen
cy.
Not
app
licab
le
10. In
vest
men
t in
rese
arch
, de
velo
pmen
t and
in
nova
tion
supp
orts
gro
wth
by
enha
ncin
g pr
oduc
tivity
of
exis
ting
and
emer
ging
ente
rpris
es a
nd
Not
app
licab
le
N E
mw
erm
e F
ud
Per
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r 20
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9
48
Sub-
Out
com
e A
ctio
ns
Indi
cato
rs
NEF
Tar
get &
Act
ions
impr
ovin
g liv
ing
cond
ition
s of
the
poor
N Em werme Fu d
Perf r r 2016/17 - 19 49
12. Description of the Planning Process
The strategic planning process starts with an assessment of where the NEF is, market
failures that are being addressed and what resources are available to the organisation. A
reflection and examination of recent history and changing contexts (both internal and
external) of the economy, organisation, strategic thrust and progress made on strategic
objectives allows an assessment of key impacting factors on the NEF. Answering the
question of what we have to work with involves consideration of strengths and weaknesses
and determination of how to capitalise on strengths.
We then determine the strategic direction/focus for organisation for the long term. Through a
thorough stakeholder engagement and assessment of stakeholder needs, the vision and
values of the NEF are then defined. The vision is then translated into a mission statement
which is a broad, comprehensive statement of the purpose of the organisation.
The next step in the planning process is the articulation of goals. Goals indicate the intended
future direction of the organisation. After articulating the vision and determining goals, we
then address the means of reaching those goals. This step involves articulating strategies for
achieving results. Strategies should reflect the strengths and weaknesses of the
organisation.
Once all the objectives are defined and agreed upon, performance measures and targets are
then set. Goal measurement involves articulation of objectives, indicators, and benchmarks.
These measures are then included in the NEF’s organisational scorecard for approval by the
Board of Trustees. Key measures are further included in the Annual Performance Plan for
approval by the Minister of Trade and Industry. These targets are then monitored by both
the Board and the dti on a quarterly basis.
N Em werme Fu d
Perf r r 2016/17 - 19 50
13. Financial Plan
The NEF’s strategic objectives are detailed in section 8 of this Plan, and detailed Financial
Projections are provided in Appendix A.
13.1 ns of revenue, expenditure and borrowings
Revenue projections include interest on loans and investments, raising /origination fees
(newly introduced over the strategic period), interest on cash in bank and dividend income
from listed and unlisted shares. The interest on loans is projected at rates based on the
pricing policies of each fund and the interest rate projections over the entire investment
portfolio. Most of the NEF’s loan instruments are priced against the prime lending rate. Fees
are projected at 1% of a third of funds disbursed each year.
Interest on cash in the bank is projected at between 6% and 7%, which are the projected
rates achieved on money invested with the South African Reserve Bank.
Dividend income is particularly difficult to predict/project as these are linked to different
dividend policies of the NEF’s investee companies. The NEF has a portfolio of listed and
unlisted investments, the majority of which relates to the MTN shares allocated to the NEF
by Government. The dividend projections included in the overall revenue is therefore based
our best estimate of what the NEF could receive each year.
The Net Asset Value of the NEF has increased from R2.1 billion in 2005/06 to about
R6 billion as at financial year end 2014/15. This has largely been a factor of appreciation in
fair value of the NEF’s listed investment portfolio and retained earnings.
Total Expenditure (i.e. including funding for non-financial services offered by the NEF) has
increased in line with increased activities and targets. Operational expenditure includes
general & administration and employee costs, and apart from office rental and salaries, are
all budgeted for from a zero base. The overall methodology applied when budgeting for
N Em werme Fu d
Perf r r 2016/17 - 19 51
operational expenditure is largely linked to the organizational targets and activities. The
NEF has continued with a targeted critical role recruitment drive since the lifting of the
funding moratorium.
The NEF also embarked on various mandate related projects (i.e. non-financial services) for
which specific budget allocations are required. To this end a further average of R 17m per
annum has been budgeted for over the next three years. Some of the projects that the NEF
is and will be involved in are Investor Education road shows, non-financial support to NEF
investees (mentorship, entrepreneurship development as well as governance training).
Over the strategic period, the efficiency ratio (based on total costs) is forecasted to breach
the intended long term range of 54%-58%. This is mainly as a result of ED contributions no
longer expected to be received at prior projected rates mainly because of the recent
changes made to the BEE codes. The new Codes have significantly diluted the ED Fund’s
offering due to the fact that our niche as a beneficiary and our ability support the immediate
allocation of points has been compromised. The new Codes have done away with the
“Category B Beneficiary” classification and paragraph 4.14 of Statement 400 clearly prohibits
the calculation and measurement of Contributions and points outside the verification window.
In addition, non-financial support activities are also not subsidised. In the event that the NEF
gets transfers from the dti to fully fund the non-financial services we currently undertake, the
efficiency ratio could be brought down from 65% and maintained around 61% over the
course of the strategic period .
The current and required capitalisation of the NEF will allow it to move forward and make a
meaningful contribution in achieving its mandate, with its investment approvals projected to
reach the R10 billion milestone by the end of the strategic period.
N Em werme Fu d
Perf r r 2016/17 - 19 52
13.2 Asset and liability management
The NEF, as a Schedule 3A entity under the PFMA, is required to operate fully on the basis
of not budgeting for a deficit. Investment activity is funded out of cash balances and thus all
liabilities will at all times be off-set by cash balances.
Excess cash is managed through a cash management process where short term cash is
invested in call accounts of varying maturities at two approved banks to meet short term
cash requirements and excess cash with the South African Reserve Bank in terms of the
requirements of the PFMA.
13.3 Cash ns
Please refer to Appendix A.
13.4 Capital expenditure
Annual capital expenditure allocation is mostly related to replenishment of existing capital
expenditure items such as computers, furniture and office equipment. The average budget
allocation for capital expenditure over the three year period is R6 million.
13.5 plans
The NEF does not directly fund infrastructure for itself or the country as part of its mandate
though there may be an element of infrastructure funding provided through projects funded
N Em werme Fu d
Perf r r 2016/17 - 19 53
by the Strategic Projects Fund that is a specific requirement of that project and in line with
national targeted strategic sectors. In addition, the NEF is involved in assisting with funding
and/or planning phases for the PRASA and AREVA infrastructure development initiatives.
13.6 Dividend policies
The NEF does not have a dividend policy with respect to any surplus reported. Surpluses
are retained following a section 53(3) application to the National Treasury each year in order
to meet further capitalisation needs of the NEF since it is not currently on the MTEF and thus
not a recipient of any government allocated funding.
N Em werme Fu d
Perf r r 2016/17 - 19 54
Part B:
Programme Performance
N Em werme Fu d
Perf r r 2016/17 - 19 55
Strategic Objective:
Provide nance to business ventures
established and managed by black
people.
N E
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56
14.
Prog
ram
me
Perf
orm
ance
14.1
Pr
ogra
mm
e 1:
uMno
tho
Fund
Pu
rpos
e of
the
prog
ram
me
Th
is F
und
is d
esig
ned
to im
prov
e ac
cess
to B
EE
cap
ital a
nd h
as s
ix p
rodu
cts:
Acq
uisi
tion
Fina
nce,
New
Ven
ture
s Fi
nanc
e, E
xpan
sion
Fin
ance
,
Cap
ital M
arke
ts F
und,
Liq
uidi
ty a
nd W
areh
ousi
ng,
and
Pro
perty
. Th
ese
prod
ucts
pro
vide
cap
ital t
o bl
ack-
owne
d an
d-m
anag
ed e
nter
pris
es,
blac
k en
trepr
eneu
rs w
ho a
re b
uyin
g eq
uity
sha
res
in e
stab
lishe
d w
hite
-ow
ned
ente
rpris
es, n
ew v
entu
res
finan
ce a
nd B
EE
bus
ines
ses
that
are
or w
ish
to b
e lis
ted
on th
e JS
E. F
undi
ng ra
nges
from
R2
mill
ion
to R
75 m
illio
n. T
he F
und
pric
ing
is to
ach
ieve
retu
rns
that
are
in li
ne w
ith th
e
leve
l of r
isk
take
n by
the
NE
F.
N E
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ud
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57
th
e
Det
ails
of t
he s
ix p
rodu
cts
prov
ided
by
uMno
tho
Fund
are
pro
vide
d be
low
:
A
cqui
sitio
n Fi
nanc
e N
ew V
entu
re F
inan
ceEx
pans
ion
Cap
ital
Cap
ital M
arke
tsLi
quid
ity &
War
ehou
sing
Prop
erty
Fun
d
Inve
stm
ent
thre
shol
d R
2 m
illion
to R
75m
illio
n R
5 m
illio
n to
R75
milli
on
R5
milli
on to
R75
milli
on
R2
milli
on to
R75
milli
on
R2
milli
on to
R75
milli
on
R5
mill
ion
to R
75
milli
on
Prod
uct
purp
ose
BE
E a
pplic
ants
see
king
to fu
nd e
quity
purc
hase
s of
bet
wee
n
R2
mill
ion
and
R75
milli
on in
exi
stin
g
busi
ness
es
BE
E p
artie
s se
ekin
g to
parti
cipa
te in
med
ium
-
size
d G
reen
field
s
proj
ects
with
tota
l
fund
ing
requ
ests
of
betw
een
R10
milli
on
and
R20
0 m
illion
.
Fund
ing
prov
ided
to
entit
ies
that
are
alre
ady
blac
k-em
pow
ered
, but
seek
exp
ansi
on c
apita
l
to g
row
the
busi
ness
.
This
pro
duct
inve
sts
in
BE
E e
nter
pris
es,
parti
cula
rly th
ose
owne
d
by b
lack
wom
en th
at
seek
to li
st o
n th
e JS
E
or it
s ju
nior
AltX
mar
ket.
The
Um
noth
o Fu
nd w
ill
also
hel
p lis
ted
BE
E
com
pani
es to
rais
e
addi
tiona
l cap
ital f
or
expa
nsio
n.
This
pro
duct
ass
ists
BE
E
shar
ehol
ders
who
nee
d to
sell
a po
rtion
or a
ll of
thei
r
shar
es (a
s m
inor
ity s
take
s
in u
nlis
ted
firm
s ar
e ha
rd
to s
ell).
Als
o ac
quire
s an
d
tem
pora
rily
war
ehou
ses
thes
e sh
ares
bef
ore
on-
sellin
g th
ose
to n
ew B
EE
shar
ehol
ders
, and
refin
ance
s B
EE
shar
ehol
ding
s w
here
exis
ting
finan
cing
stru
ctur
es a
re c
ostly
and/
or in
effic
ient
.
This
pro
duct
see
ks
to c
ater
for B
EE
grou
ps s
eeki
ng to
buy
equi
ty in
exis
ting
prop
erty
busi
ness
es;
deve
lop
new
prop
erty
ven
ture
s;
and
to p
rovi
de
expa
nsio
n fin
ance
to e
ntiti
es th
at a
re
alre
ady
empo
wer
ed
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58
A
cqui
sitio
n Fi
nanc
e N
ew V
entu
re F
inan
ceEx
pans
ion
Cap
ital
Cap
ital M
arke
tsLi
quid
ity &
War
ehou
sing
Prop
erty
Fun
d
Prod
uct
crite
ria
• M
ediu
m to
larg
e
com
pani
es
• Fo
cus
on
partn
ersh
ips
with
exis
ting
man
agem
ent t
eam
s
and
othe
r equ
ity
inve
stor
s
• A
ctiv
e B
EE
invo
lvem
ent i
n
inve
stee
com
pani
es
• B
EE
fina
ncia
l
cont
ribut
ion
on a
case
-by-
case
bas
is
• S
ecur
ity to
incl
ude
pers
onal
guar
ante
es
• M
ediu
m-s
ized
gree
nfie
lds
proj
ects
with
tota
l fun
ding
requ
ests
of
betw
een
R10
milli
on a
nd R
200
milli
on.
• B
EE
-spe
cific
finan
cial
cont
ribut
ion
asse
ssed
on
a
case
-by-
case
bas
is
• N
EF
expo
sure
to
the
prod
uct
gene
rally
not
to
exce
ed 5
0% o
f the
tota
l pro
ject
cos
ts
• P
rove
n
man
agem
ent
expe
rienc
e w
ithin
the
cons
ortiu
m
• A
ctiv
e B
EE
invo
lvem
ent i
n
inve
stee
com
pani
es
• S
ecur
ity to
incl
ude
pers
onal
guar
ante
es
A
ctiv
e B
EE
invo
lvem
ent i
n
inve
stee
com
pani
es
•• S
ecur
ity to
incl
ude
pers
onal
guar
ante
es a
nd
secu
rity
over
busi
ness
ass
ets.
M
ediu
m to
larg
e
com
pani
es
• Fo
cus
on
partn
ersh
ips
with
exis
ting
man
agem
ent t
eam
s
and
othe
r equ
ity
inve
stor
s
• A
ctiv
e B
EE
man
agem
ent
parti
cipa
tion
• A
ctiv
e B
EE
invo
lvem
ent i
n
inve
stee
com
pani
es
• B
EE
fina
ncia
l
cont
ribut
ion
on a
case
-by-
case
bas
is
• S
ecur
ity to
incl
ude
pers
onal
gua
rant
ees
M
ediu
m to
larg
e
com
pani
es
• Fo
cus
on p
artn
ersh
ips
with
exi
stin
g
man
agem
ent t
eam
s
and
othe
r equ
ity
inve
stor
s
• A
ctiv
e B
EE
man
agem
ent
parti
cipa
tion
• A
ctiv
e B
EE
invo
lvem
ent i
n
inve
stee
com
pani
es
• B
EE
fina
ncia
l
cont
ribut
ion
on a
case
-by-
case
bas
is
• S
ecur
ity to
incl
ude
pers
onal
gua
rant
ees
M
ediu
m to
larg
e
com
pani
es
•••
•
A
lignm
ent w
ith
prio
rity
sect
ors
• A
ctiv
e B
EE
invo
lvem
ent i
n
inve
stee
com
pani
es
• B
EE
fina
ncia
l
cont
ribut
ion
on
a ca
se-b
y-ca
se
basi
s
• S
ecur
ity to
incl
ude
pers
onal
guar
ante
es
N E
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ud
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59
A
cqui
sitio
n Fi
nanc
e N
ew V
entu
re F
inan
ceEx
pans
ion
Cap
ital
Cap
ital M
arke
tsLi
quid
ity &
War
ehou
sing
Prop
erty
Fun
d
Type
s of
in
stru
men
t
Inve
stm
ent i
nstru
men
t
can
incl
ude
a
com
bina
tion
of d
ebt,
equi
ty a
nd m
ezza
nine
finan
ce.
Inve
stm
ent i
nstru
men
t
can
incl
ude
a
com
bina
tion
of d
ebt,
equi
ty a
nd m
ezza
nine
finan
ce.
Inve
stm
ent i
nstru
men
t
can
incl
ude
a
com
bina
tion
of d
ebt,
equi
ty a
nd m
ezza
nine
finan
ce
Inve
stm
ent i
nstru
men
t
can
incl
ude
a
com
bina
tion
of d
ebt,
equi
ty a
nd m
ezza
nine
finan
ce.
Inve
stm
ent i
nstru
men
t can
incl
ude
a co
mbi
natio
n of
debt
, equ
ity a
nd
mez
zani
ne fi
nanc
e.
Inve
stm
ent
inst
rum
ent c
an
incl
ude
a
com
bina
tion
of d
ebt,
equi
ty a
nd
mez
zani
ne fi
nanc
e.
Bla
ckeq
uity
th
resh
old
Min
imum
of 2
5.1%
M
inim
um o
f 25.
1%M
inim
um o
f 50.
1%M
inim
umof
25.
1%M
inim
um o
f 25.
1%M
inim
um o
f 50.
1%
Pric
ing
Influ
ence
d by
Em
pow
erm
ent D
ivid
end
or D
evel
opm
ent I
mpa
ct. D
ebt l
inke
d to
prim
e ra
te a
nd e
quity
bas
ed o
n ta
rget
IRR
Term
s of
In
vest
men
t an
d ot
her
term
s
Typi
cal i
nves
tmen
t
horiz
on o
f 4 to
7 y
ears
Typi
cal i
nves
tmen
t
horiz
on o
f 5 to
10
year
s.
Typi
cal i
nves
tmen
t
horiz
on o
f 4 to
7 y
ears
Typi
cal i
nves
tmen
t
horiz
on o
f 4 to
7 y
ears
Typi
cal i
nves
tmen
t
horiz
on o
f 4 to
7 y
eas
Typi
cal i
nves
tmen
t
horiz
on o
f up
to 1
0
year
s on
sen
ior
debt
and
up
to 1
5
year
s on
mez
zani
ne
debt
and
equ
ity
inst
rum
ents
N E
mw
erm
e F
ud
Per
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16/1
7 - 1
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60
Perf
orm
ance
indi
cato
rs a
nd p
erfo
rman
ce ta
rget
s per
pro
gram
me
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Aud
ited
Act
ual
Perf
orm
ance
Estim
ated
Pe
rfor
man
ce(e
xcl W
EF
cont
ribut
ion)
Med
ium
Ter
m T
arge
ts
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fina
nce
to b
lack
em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f lo
ans,
qua
si-e
quity
and
equ
ity fi
nanc
e th
roug
h fu
nds
and
fund
ing
prod
ucts
, ta
rget
ing
blac
k ru
ral e
nter
pris
e, S
ME
s,
corp
orat
e fin
ance
and
ven
ture
cap
ital.
Val
ue o
f dea
ls a
ppro
ved
by
Um
noth
o Fu
nd
(R
milli
on)
R24
4 m
R
300
m
R39
0 m
R
505
m
R56
0 m
Val
ue o
f new
Com
mitm
ents
by
Um
noth
o Fu
nd
(R m
illion
)
R32
7 m
R
245
m
R30
1 m
R
370
m
R41
8 m
Val
ue o
f D
isbu
rsem
ents
by
Um
noth
o Fu
nd
(R m
illion
)
R20
8 m
R
221
m
R27
0 m
R
329
m
R46
8 m
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
61
Qua
rter
ly m
ilest
ones
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Bas
elin
e
2014
/15
2016
/17A
nnua
l Ta
rget
Q
uart
erly
Mile
ston
es
1st
Qua
rter
2nd
Qua
rter
3rd
Qua
rter
4t
h Q
uart
er
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fin
ance
to
blac
k em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f loa
ns,
quas
i-equ
ity
and
equi
ty
finan
ce
thro
ugh
fund
s an
d fu
ndin
g pr
oduc
ts,
targ
etin
g bl
ack
rura
l en
terp
rise,
S
ME
s,
corp
orat
e fin
ance
and
ve
ntur
e ca
pita
l.
Val
ue o
f dea
ls
appr
oved
by
Um
noth
o Fu
nd
(R
milli
on)
R24
4 m
R
390
m
R39
m
R15
2 m
R
301
m
R39
0 m
Val
ue o
f new
C
omm
itmen
ts b
y U
mno
tho
Fund
(R m
illion
)
R32
7 m
R
301
m
R21
m
R90
m
R20
2 m
R
301
m
Val
ue o
f D
isbu
rsem
ents
by
Um
noth
o Fu
nd
(R m
illion
)
R20
8 m
R
270
m
- R
76 m
R
173
m
R27
0 m
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
1: U
mno
tho
Fund
)
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
prov
ide
the
requ
ired
cost
spl
it pe
r pro
gram
me.
N E
mpo
wer
men
t Fun
d
Ann
ual P
erfo
rman
ce P
lan
for
2016
/17
- 19
62
14
.2
Prog
ram
me
2:
St
rate
gic
Proj
ects
Fun
d Pu
rpos
e of
the
prog
ram
me
The
Stra
tegi
c P
roje
cts
Fund
will
faci
litat
e th
e ac
quis
ition
of e
quity
in la
rge
stra
tegi
c pr
ojec
ts w
here
the
NE
F as
sum
es th
e ro
le o
f BE
E p
artn
er.
of t
he p
rogr
amm
e Th
e fu
nd a
ims
to p
lay
a ce
ntra
l rol
e in
ear
ly s
tage
pro
ject
s by
iden
tifyi
ng, i
nitia
ting,
sco
ping
and
dev
elop
ing
proj
ects
that
are
in s
ecto
rs id
entif
ied
by g
over
nmen
t as
the
key
driv
ers
to S
outh
Afri
ca’s
eco
nom
ic g
row
th. T
hese
pro
ject
s w
ill b
e ta
ken
thro
ugh
6-st
ages
of t
he p
roje
ct d
evel
opm
ent
phas
es.
The
phas
es b
eing
the
follo
win
g:
Sco
ping
and
Con
cept
Stu
dy;
Pre
-Fea
sibi
lity
Stu
dy;
Ban
kabl
e Fe
asib
ility
Stu
dy;
Fina
ncia
l C
losu
re;
Con
stru
ctio
n P
hase
and
; Te
chni
cal
Com
plet
ion.
Thro
ugh
the
Stra
tegi
c P
roje
cts
Fund
, NE
F w
ill fa
cilit
ate
B-B
BE
E in
the
follo
win
g w
ays:
Nat
iona
lEm
pow
erm
entF
und
Ann
ualP
erfo
rman
cePl
anfo
r20
16/1
719
63
W
areh
ouse
equ
ity fo
r B
-BB
EE
in e
arly
sta
ge p
roje
cts
at v
alua
tions
with
littl
e or
no
prem
ium
pai
d to
acc
ess
the
proj
ects
. Thi
s en
able
s
NE
F to
dis
tribu
te it
s w
areh
ouse
d eq
uity
to B
-BB
EE
at l
ower
val
uatio
ns o
nce
the
proj
ect i
s op
erat
iona
l;
Ta
ke e
arly
sta
ge ri
sk o
n be
half
of b
lack
peo
ple
as e
arly
sta
ge p
roje
cts
have
hig
her e
xecu
tion
risks
com
pare
d to
ope
ratio
nal c
ompa
nies
.
The
NE
F w
ill a
ssum
e m
ost o
f the
fina
ncin
g ris
k an
d de
vise
inst
rum
ents
to c
arry
or
trans
fer
equi
ty to
B-B
BE
E o
nce
proj
ect f
atal
flaw
s
have
bee
n m
itiga
ted;
M
anag
e th
e pr
ojec
t an
d ve
ntur
e ca
pita
l fin
ance
stru
ctur
ing
com
plex
ities
as
it is
mor
e co
mpl
ex a
nd d
iffic
ult
to r
aise
cap
ital
for
new
vent
ures
as
com
pare
d to
uM
noth
o fin
ance
dea
ls w
here
val
uatio
ns c
an b
e as
certa
ined
bas
ed o
n hi
stor
ical
per
form
ance
and
ris
ks a
re
clea
rly u
nder
stoo
d;
E
nabl
e pr
ojec
t pro
mot
ers
to fo
cus
on m
akin
g pr
ojec
ts b
anka
ble
and
oper
atio
nal b
y gi
ving
the
B-B
BE
E s
tatu
s as
NE
F is
the
only
DFI
gaze
tted
as a
B-B
BE
E fa
cilit
ator
;
O
nce
the
initi
al p
roje
ct ri
sks
have
bee
n re
duce
d, th
e N
EF
will
tran
sfer
its
shar
ehol
ding
to s
elec
ted
B-B
BE
E g
roup
s th
roug
h a
trans
pare
nt
proc
ess.
N E
mpo
wer
men
t Fun
d
Ann
ual P
erfo
rman
ce P
lan
for
2016
/17
- 19
64
Pe
rfor
man
ce in
dica
tors
and
per
form
ance
targ
ets p
er p
rogr
amm
e
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Aud
ited
Act
ual
Perf
orm
ance
Estim
ated
Pe
rfor
man
ce(e
xcl W
EF
cont
ribut
ion)
Med
ium
Ter
m T
arge
ts
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fina
nce
to b
lack
em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f lo
ans,
qua
si-e
quity
and
equ
ity fi
nanc
e th
roug
h fu
nds
and
fund
ing
prod
ucts
, ta
rget
ing
blac
k ru
ral e
nter
pris
e, S
ME
s,
corp
orat
e fin
ance
and
ven
ture
cap
ital.
Val
ue o
f dea
ls a
ppro
ved
by
Stra
tegi
c P
roje
ct F
und
(R
milli
on)
R16
6 m
R
75 m
R
75 m
R
75m
R
75 m
Val
ue o
f new
Com
mitm
ents
by
Stra
tegi
c P
roje
ct F
und
(R m
illion
)
R14
4 m
R
75 m
R
75 m
R
75 m
R
75 m
Val
ue o
f D
isbu
rsem
ents
by
Stra
tegi
c P
roje
ct F
und
(R m
illion
)
R47
m
R68
m
R68
m
R68
m
R68
m
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
65
Qua
rter
ly m
ilest
ones
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Bas
elin
e
2014
/15
2016
/17A
nnua
l Ta
rget
Q
uart
erly
Mile
ston
es
1st
Qua
rter
2nd
Qua
rter
3rd
Qua
rter
4t
h Q
uart
er
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fin
ance
to
blac
k em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f loa
ns,
quas
i-equ
ity
and
equi
ty
finan
ce
thro
ugh
fund
s an
d fu
ndin
g pr
oduc
ts,
targ
etin
g bl
ack
rura
l en
terp
rise,
S
ME
s,
corp
orat
e fin
ance
and
ve
ntur
e ca
pita
l.
Val
ue o
f dea
ls
appr
oved
by
Stra
tegi
c P
roje
cts
Fund
(R m
illion
) R
166
m
R75
m
R23
m
R45
m
R60
m
R75
m
Val
ue o
f new
C
omm
itmen
ts b
y S
trate
gic
Pro
ject
s Fu
nd
(R m
illion
)
R14
4 m
R75
m
R23
m
R45
m
R60
m
R75
m
Val
ue o
f D
isbu
rsem
ents
by
Stra
tegi
c P
roje
cts
Fund
(R m
illion
)
R47
m
R68
m
R20
m
R41
m
R54
m
R68
m
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
2: S
trat
egic
Pro
ject
s Fun
d)
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
prov
ide
the
requ
ired
cost
spl
it pe
r pro
gram
me.
N E
mpo
wer
men
t Fun
d
Ann
ual P
erfo
rman
ce P
lan
for
2016
/17
- 19
66
14
.3
Prog
ram
me
3:
iM
bew
u Fu
nd
Purp
ose
of th
e pr
ogra
mm
e
The
iMbe
wu
Fund
see
ks to
add
ress
mar
ket f
ailu
res
expe
rienc
ed b
y bl
ack-
owne
d S
ME
’s.
The
fund
has
thre
e pr
oduc
ts, n
amel
y, F
ranc
hise
,
Con
tract
and
Ent
repr
eneu
rshi
p pr
oduc
ts.
An
over
view
of t
he p
rodu
cts
is o
utlin
ed b
elow
.
of t
he p
rogr
amm
e
Fran
chis
e C
ontr
act
Entr
epre
neur
ship
Des
crip
tion
For s
ecur
ing
franc
hise
lice
nses
Fo
r SM
Es
that
hav
e se
cure
d co
ntra
cts,
orde
rs o
r sho
rt-te
rm b
ridgi
ng fi
nanc
e
To p
rovi
de c
apita
l to
SM
Es
that
see
k to
pro
vide
pro
duct
or s
ervi
ce to
a s
peci
fic n
iche
mar
ket
Inst
rum
ents
Term
Loa
n
Term
Loa
n
B
ridgi
ng L
oan
R
evol
ving
Cre
dit
D
ebto
r Fin
ance
R
ever
se F
acto
ring
S
uspe
nsiv
e S
ale
S
truct
ured
loan
s
E
quity
inst
rum
ents
Nat
iona
lEm
pow
erm
entF
und
Ann
ualP
erfo
rman
cePl
anfo
r20
16/1
719
67
Le
asin
g
Am
ount
R25
0k –
R10
m
R
250k
– R
10m
R25
0k to
R10
m (f
or s
tart-
up a
nd e
xpan
sion
)
R
1m to
R10
m (f
or a
cqui
sitio
n ca
pita
l)
Inve
stm
ent p
erio
d
Up
to fi
ve y
ears
but
can
go
up to
7
year
s in
som
e in
stan
ces
M
atch
ed to
the
dura
tion
of th
e
cont
ract
U
p to
7 y
ears
Crit
eria
Clie
nt m
ust h
ave
been
app
rove
d by
the
franc
hiso
r
N
EF
will
onl
y do
bus
ines
s w
ith c
redi
ble
franc
hiso
rs w
ith s
trong
trac
k re
cord
S
ite m
ust h
ave
been
iden
tifie
d
O
pera
tiona
l inv
olve
men
t
Th
ere
mus
t be
a vi
able
con
tract
or o
rder
Th
e co
ntra
ct m
ust b
e aw
arde
d
by a
cre
dibl
e en
tity
with
stro
ng
track
reco
rd
O
pera
tiona
l inv
olve
men
t
C
omm
erci
al v
iabi
lity
S
ecur
ed m
arke
ts
C
lear
val
ue p
ropo
sitio
n
N
EF
will
not
sup
port
acqu
isiti
on o
f bus
ines
ses
that
are
mak
ing
loss
es
O
pera
tiona
l inv
olve
men
t
Pric
ing
Pr
ime
linke
d
Prim
e lin
ked
Pr
ime
linke
d
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
68
Perf
orm
ance
indi
cato
rs a
nd p
erfo
rman
ce ta
rget
s per
pro
gram
me
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Aud
ited
Act
ual
Perf
orm
ance
Estim
ated
Pe
rfor
man
ce(e
xcl W
EF
cont
ribut
ion)
Med
ium
Ter
m T
arge
ts
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fina
nce
to b
lack
em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f lo
ans,
qua
si-e
quity
and
equ
ity fi
nanc
e th
roug
h fu
nds
and
fund
ing
prod
ucts
, ta
rget
ing
blac
k ru
ral e
nter
pris
e, S
ME
s,
corp
orat
e fin
ance
and
ven
ture
cap
ital..
Val
ue o
f dea
ls a
ppro
ved
by
iMbe
wu
Fund
(R
milli
on)
R18
1 m
R
199
m
R25
9 m
R
340
m
R
372
m
Val
ue o
f new
Com
mitm
ents
by
iMbe
wu
Fund
(R m
illion
) R
154
m
R18
1 m
R
221
m
R27
2 m
R
310
m
Val
ue o
f D
isbu
rsem
ents
by
iMbe
wu
Fund
(R m
illion
) R
60m
R
161
m
R19
8 m
R
238
m
R34
2 m
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
69
Qua
rter
ly m
ilest
ones
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Bas
elin
e
2014
/15
2016
/17
Ann
ual
Targ
et
Qua
rter
ly M
ilest
ones
1st
Qua
rter
2nd
Qua
rter
3rd
Qua
rter
4t
h Q
uart
er
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fin
ance
to
blac
k em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f loa
ns,
quas
i-equ
ity
and
equi
ty
finan
ce
thro
ugh
fund
s an
d fu
ndin
g pr
oduc
ts,
targ
etin
g bl
ack
rura
l en
terp
rise,
S
ME
s,
corp
orat
e fin
ance
and
ve
ntur
e ca
pita
l.
Val
ue o
f dea
ls
appr
oved
by
iMbe
wu
Fund
(R m
illion
) R
181
m
R25
9 m
R39
m
R10
1 m
R18
1 m
R25
9 m
Val
ue o
f new
C
omm
itmen
ts b
y iM
bew
u Fu
nd
(R m
illion
)
R15
4 m
R
221
m
R31
m
R87
m
R15
3 m
R
221
m
Val
ue o
f D
isbu
rsem
ents
by
iMbe
wu
Fund
(R
milli
on)
R60
m
R19
8 m
R
22 m
R
77 m
R
137
m
R19
8 m
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
3: iM
bew
u Fu
nd)
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
prov
ide
the
requ
ired
cost
spl
it pe
r pro
gram
me.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
70
14.4
Pr
ogra
mm
e 4:
Rura
l & C
omm
unit
y D
evel
opm
ent F
und
Purp
ose
of th
e pr
ogra
mm
e
The
Rur
al a
nd C
omm
unity
Dev
elop
men
t Fun
d fa
cilit
ates
com
mun
ity in
volv
emen
t in
proj
ects
by
supp
ortin
g th
e B
-BB
EE
Act
obj
ectiv
es o
f
empo
wer
ing
loca
l and
rura
l com
mun
ities
. In
acco
rdan
ce w
ith th
e B
-BB
EE
Act
, it a
ims
to in
crea
se th
e ex
tent
to w
hich
wor
kers
, coo
pera
tives
and
othe
r col
lect
ive
ente
rpris
es o
wn
and
man
age
busi
ness
ent
erpr
ises
.
of t
he p
rogr
amm
e
Acq
uisi
tion
New
Ven
ture
Cap
ital
Expa
nsio
n C
apita
l
m05R ot
m1R
m05R ot
m1R
dlohserht tnemtsevnI
R1m
to R
50m
Trig
ger f
or R
CD
F pa
rtic
ipat
ion
Co-
oper
ativ
es, c
omm
unity
gro
upin
gs
arra
nged
as
Trus
t or a
ny le
gal e
ntity
, and
wor
kers
trus
t
Co-
oper
ativ
es, c
omm
unity
gro
upin
gs a
rrang
ed a
s
Trus
t or a
ny le
gal e
ntity
, and
wor
kers
trus
t.
Co-
oper
ativ
es, c
omm
unity
gro
upin
gs
arra
nged
as
Trus
t or a
ny le
gal e
ntity
,
and
wor
kers
trus
t.
Prin
cipa
l goa
lTo
cat
er fo
r rur
al e
ntre
pren
eurs
or
com
mun
ities
see
king
to b
uy e
quity
in e
xist
ing
rura
l and
com
mun
ity e
nter
pris
es
To a
ssis
t rur
al e
ntre
pren
eurs
and
co-
oper
ativ
es
and
com
mun
ities
with
equ
ity c
ontri
butio
n to
war
ds
esta
blis
hmen
t of s
usta
inab
le n
ew v
entu
res
in a
gri-
sect
or.
To fa
cilit
ate
invo
lvem
ent a
nd o
wne
rshi
p
by c
omm
uniti
es in
pro
ject
s pr
omot
ing
soci
al u
plift
men
t
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
71
Type
s of
com
pani
es/p
roje
cts
Focu
s on
sm
all t
o la
rge
vent
ures
whe
re
partn
ersh
ips
betw
een
NE
F, B
EE
par
ties
or
com
mun
ity e
ntity
, and
tech
nica
l par
tner
is
invo
lved
Med
ium
siz
ed n
ew v
entu
re p
roje
cts
with
tota
l
fund
ing
requ
irem
ents
of b
etw
een
R1m
and
R50
m
Rur
al a
nd c
omm
unity
pro
ject
s us
ing
entit
ies
such
as
co-o
pera
tives
and
priv
ate
com
pani
es
Type
s of
inst
rum
ent
Deb
t, eq
uity
, qua
si e
quity
and
pre
fere
nce
shar
es
Deb
t, eq
uity
, qua
si e
quity
and
pre
fere
nce
shar
esD
ebt,
equi
ty, q
uasi
equ
ity a
nd
pref
eren
ce s
hare
s
Bla
ck e
quity
thre
shol
dM
inim
um o
f 50.
1%
ediviD tne
mrewop
mE )-/+( emirP
gnicirPnd
or D
evel
opm
ent I
mpa
ct In
fluen
ced
Term
s of
Inve
stm
ent a
nd
othe
r ter
ms
5
to 1
0 ye
ars
C
lear
exi
t Stra
tegy
U
p to
10
year
s
To
tal p
roje
ct e
quity
4
0%
N
EF
Exp
osur
e 5
0% o
f pro
ject
cos
ts
Up
to 1
0 ye
ars
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
72
Perf
orm
ance
indi
cato
rs a
nd p
erfo
rman
ce ta
rget
s per
pro
gram
me
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Aud
ited
Act
ual
Perf
orm
ance
Estim
ated
Pe
rfor
man
ce(e
xcl W
EF
cont
ribut
ion)
Med
ium
Ter
m T
arge
ts
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fina
nce
to b
lack
em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f lo
ans,
qua
si-e
quity
and
equ
ity fi
nanc
e th
roug
h fu
nds
and
fund
ing
prod
ucts
, ta
rget
ing
blac
k ru
ral e
nter
pris
e, S
ME
s,
corp
orat
e fin
ance
and
, ven
ture
cap
ital.
Val
ue o
f dea
ls a
ppro
ved
by
Rur
al a
nd C
omm
unity
D
evel
opm
ent F
und
(R
milli
on)
R33
m
R86
m
R11
2 m
R
140
m
R16
0 m
Val
ue o
f new
Com
mitm
ents
by
Rur
al a
nd C
omm
unity
D
evel
opm
ent F
und
(R m
illion
)
R5
m
R77
m
R95
m
R11
5 m
R
131
m
Val
ue o
f D
isbu
rsem
ents
by
Rur
al a
nd C
omm
unity
D
evel
opm
ent F
und
(R m
illion
)
R56
m
R69
m
R82
m
R10
3 m
R
145
m
Qua
rter
ly m
ilest
ones
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
73
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Bas
elin
e
2014
/15
2016
/17
Ann
ual
Targ
et
Qua
rter
ly M
ilest
ones
1st
Qua
rter
2nd
Qua
rter
3rd
Qua
rter
4t
h Q
uart
er
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fin
ance
to
blac
k em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f loa
ns,
quas
i-equ
ity
and
equi
ty
finan
ce
thro
ugh
fund
s an
d fu
ndin
g pr
oduc
ts,
targ
etin
g bl
ack
rura
l en
terp
rise,
S
ME
s,
corp
orat
e fin
ance
and
ve
ntur
e ca
pita
l.
Val
ue o
f dea
ls
appr
oved
by
Rur
al a
nd
Com
mun
ity
Dev
elop
men
t Fun
d
(R m
illion
)
R33
m
R11
2 m
R
21 m
R
84 m
R
101
m
R11
2 m
Val
ue o
f new
C
omm
itmen
ts b
y R
ural
an
d C
omm
unity
D
evel
opm
ent F
und
(R m
illion
)
R5
m
R95
m
R11
m
R49
m
R82
m
R95
m
Val
ue o
f D
isbu
rsem
ents
by
Rur
al
and
Com
mun
ity
Dev
elop
men
t Fun
d
(R
milli
on)
R56
m
R82
m
R8
m
R40
m
R68
m
R82
m
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
4: R
ural
& C
omm
unity
Dev
elop
men
t Fun
d)
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
prov
ide
the
requ
ired
cost
spl
it pe
r pro
gram
me.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
74
14.5
Pr
ogra
mm
e 5:
Wom
en E
mpo
wer
men
t Fun
d Pu
rpos
e of
the
prog
ram
me
To a
ccel
erat
e th
e pr
ovis
ion
of fu
ndin
g to
bus
ines
ses
owne
d by
bla
ck w
omen
.
of t
he p
rogr
amm
e Fi
nanc
e to
be
prov
ided
from
R25
0,00
0 to
R75
mill
ion
acro
ss th
e en
tire
NE
F ex
istin
g pr
oduc
t sui
te.
Dep
endi
ng o
n ty
pe o
f fun
ding
the
horiz
on o
f fun
ding
pro
vide
d ra
nges
bet
wee
n 4
and
10 y
ears
.
Min
imum
of 5
1% b
lack
fem
ale
owne
rshi
p
Bla
ck w
omen
hav
e to
be
oper
atio
nally
invo
lved
at t
he m
anag
eria
l and
boa
rd le
vels
.
Oth
er e
mpo
wer
men
t div
iden
d pi
llars
hav
e to
be
cons
ider
ed
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
75
Perf
orm
ance
indi
cato
rs a
nd p
erfo
rman
ce ta
rget
s per
pro
gram
me
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Aud
ited
Act
ual
Perf
orm
ance
Estim
ated
Pe
rfor
man
ceM
ediu
m T
erm
Tar
gets
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fina
nce
to b
lack
em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f lo
ans,
qua
si-e
quity
and
equ
ity fi
nanc
e th
roug
h fu
nds
and
fund
ing
prod
ucts
, ta
rget
ing
blac
k ru
ral e
nter
pris
e,
SM
Es,
cor
pora
te fi
nanc
e an
d ve
ntur
e ca
pita
l.
Val
ue o
f dea
ls a
ppro
ved
by
Wom
en E
mpo
wer
men
t Fun
d
(R m
illion
) R
180
m
R22
0 m
R
280
m
R
355
m
R
389
m
Val
ue o
f new
Com
mitm
ents
by
Wom
en E
mpo
wer
men
t Fun
d
(R m
illion
) R
110
m
R19
2 m
R
232
m
R27
7 m
R
311
m
Val
ue o
f D
isbu
rsem
ents
by
Wom
en E
mpo
wer
men
t Fun
d
(R m
illion
) R
163
m
R17
3 m
R
206
m
R24
6 m
R
340
m
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
76
Qua
rter
ly m
ilest
ones
Out
com
e O
utpu
t Pe
rfor
man
ceIn
dica
tor/m
easu
re
Bas
elin
e
2014
/15
2016
/17
Ann
ual
Targ
et
Qua
rter
ly M
ilest
ones
1st
Qua
rter
2nd
Qua
rter
3rd
Qua
rter
4t
h Q
uart
er
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th
Afri
ca.
Pro
vide
fin
ance
to
blac
k em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f loa
ns,
quas
i-equ
ity
and
equi
ty
finan
ce
thro
ugh
fund
s an
d fu
ndin
g pr
oduc
ts,
targ
etin
g bl
ack
rura
l en
terp
rise,
S
ME
s,
corp
orat
e fin
ance
and
ve
ntur
e ca
pita
l.
Val
ue o
f dea
ls
appr
oved
by
Wom
en
Em
pow
erm
ent F
und
(R
milli
on)
R27
1 m
R28
0 m
R53
m
R14
8 m
R22
1 m
R28
0 m
Val
ue o
f new
C
omm
itmen
ts b
y W
omen
Em
pow
erm
ent
Fund
(R m
illion
)
R24
9 m
R
232
m
R35
m
R10
6 m
R
175
m
R23
2 m
Val
ue o
f D
isbu
rsem
ents
by
Wom
en E
mpo
wer
men
t Fu
nd
(R
milli
on)
R19
1 m
R
206
m
R25
m
R91
m
R15
4 m
R
206
m
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
5: W
omen
Em
pow
erm
ent F
und)
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
prov
ide
the
requ
ired
cost
spl
it pe
r pro
gram
me.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
77
Stra
tegi
c Ob
ject
ive:
Blac
k ec
onom
ic e
mpo
wer
men
t is a
dvan
ced
thro
ugh
com
mer
cial
ly su
stai
nabl
e en
terp
rise
.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
78
14.6
Pr
ogra
mm
e 6:
Entr
epre
neur
ship
Dev
elop
men
t Pu
rpos
e of
the
prog
ram
me
App
lican
ts fo
r fun
ding
may
be
exce
llent
ent
repr
eneu
rs, b
ut o
ften
stru
ggle
to n
avig
ate
the
nece
ssar
y ap
plic
atio
n pr
oced
ures
and
to m
anag
e th
eir
busi
ness
es a
nd t
his
is o
ften
evid
ent
durin
g th
e in
itial
ass
essm
ent
of t
he f
undi
ng a
pplic
atio
n. T
he N
EF’
s P
re-In
vest
men
t U
nit
(PIU
) th
eref
ore
assi
sts
with
fund
ing
advi
ce, b
usin
ess
plan
ning
and
gen
eral
ass
ista
nce
to h
elp
ensu
re th
at a
pplic
atio
ns a
re o
f suf
ficie
nt q
ualit
y to
com
plet
e al
l
step
s in
the
appl
icat
ion
proc
ess.
of t
he p
rogr
amm
e
As
the
first
poi
nt o
f con
tact
for m
any
pote
ntia
l clie
nts,
the
PIU
's p
rimar
y fu
nctio
ns a
re to
:
• P
rovi
de in
form
atio
n on
NE
F pr
oduc
ts a
nd p
roce
dure
s;
• C
ontro
l and
ass
ist i
n dr
awin
g up
fund
ing
appl
icat
ions
;
• Id
entif
y ap
plic
atio
ns th
at w
ill q
ualif
y fo
r fun
ding
;
• K
eep
clie
nts
info
rmed
on
the
prog
ress
of t
heir
appl
icat
ions
;
• A
dvis
e ap
plic
ants
and
ass
ist w
ith d
raw
ing
up b
usin
ess
plan
s.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
79
Entr
epre
neur
ship
Dev
elop
men
t Str
ateg
y
By
2010
the
NE
F th
roug
h its
Fun
d M
anag
emen
t D
ivis
ion
face
d a
num
ber
of c
halle
nges
in
deliv
erin
g on
its
Man
date
. T
hese
cha
lleng
es
incl
uded
:
• Th
e nu
mbe
r of a
pplic
atio
ns re
ceiv
ed, o
f up
to 1
00 p
er m
onth
.
• Th
e qu
ality
of t
hese
app
licat
ions
, as
evid
ence
d by
an
appr
oval
ratio
of l
ess
than
3%
of a
pplic
atio
ns re
ceiv
ed.
• Th
e so
phis
ticat
ion
of th
e ta
rget
mar
ket i
n te
rms
of th
e ab
ility
to p
acka
ge b
anka
ble
busi
ness
pla
ns.
• Th
e sk
ills
of th
e ta
rget
mar
ket i
n te
rms
of b
usin
ess
expe
rienc
e an
d in
dust
ry k
now
ledg
e.
• H
igh
impa
irmen
ts (e
spec
ially
in th
e S
ME
Fun
d) w
here
a to
tal i
mpa
irmen
ts ra
tio (i
nclu
ding
writ
e of
fs) o
f abo
ut 4
0% w
as e
xper
ienc
ed.
• Th
e lim
ited
own
cont
ribut
ion
and
lack
of c
olla
tera
l pre
vale
nt in
the
typi
cal N
EF
appl
icat
ion.
The
NE
F’s
Pre
-Inve
stm
ent
Uni
t th
en d
evel
oped
the
Ent
repr
eneu
rshi
p D
evel
opm
ent
Stra
tegy
in
orde
r to
bet
ter
asse
ss a
nd s
uppo
rt th
e
deve
lopm
ent o
f bla
ck e
ntre
pren
eurs
. Th
e R
atio
nale
for
this
stra
tegy
was
to ta
ke c
ogni
sanc
e of
the
NE
F m
anda
te a
nd o
pera
ting
envi
ronm
ent
with
a v
iew
to:
• E
nhan
cing
the
NE
F’s
inte
rven
tions
to
aspi
rant
bla
ck e
ntre
pren
eurs
in
orde
r to
miti
gate
fin
anci
al r
isk
for
the
NE
F w
hils
t su
ppor
ting
sust
aina
ble
blac
k bu
sine
sses
;
• Id
entif
y po
tent
ial t
ools
that
can
be
used
by
the
NE
F to
bet
ter a
sses
s th
e en
trepr
eneu
rial r
eadi
ness
of p
oten
tial a
pplic
atio
ns;
Nat
iona
lEm
pow
erm
entF
und
Ann
ualP
erfo
rman
cePl
anfo
r20
16/1
719
80
P
ropo
se re
finem
ents
to th
e N
EF’
s in
vest
men
t pro
cess
in o
rder
to p
rovi
de a
mor
e ef
ficie
nt in
vest
men
t pro
cess
par
ticul
arly
in th
e ca
se o
f
SM
E’s
whi
lst m
aint
aini
ng s
ound
inve
stm
ent m
etho
dolo
gies
i.e.
pro
visi
on o
f SM
AR
T ca
pita
l;
E
xplo
re a
dditi
onal
fina
ncia
l int
erve
ntio
ns a
imed
at p
rovi
ding
bla
ck e
ntre
pren
eurs
with
ear
ly s
tage
fund
ing
to a
ddre
ss li
mite
d ow
n ca
pita
l;
E
nhan
ce N
EF
impa
ct in
dev
elop
ing
entre
pren
eurs
hip
in S
outh
Afri
ca m
ore
broa
dly
with
focu
s on
Fin
anci
al a
nd N
on-F
inan
cial
Sup
port
as w
ell a
s ad
voca
cy o
n is
sues
per
tain
ing
to e
ntre
pren
eurs
hip;
The
Pre
-Inve
stm
ent U
nit h
as im
plem
ente
d a
busi
ness
incu
batio
n m
odel
in o
rder
to s
uppo
rt th
e de
velo
pmen
t of a
spira
nt b
lack
ent
repr
eneu
rs.
The
NE
F re
alis
es th
e va
lue
and
impa
ct th
at c
an b
e m
ade
thro
ugh
incu
batio
n an
d ha
s es
tabl
ishe
d pa
rtner
ship
s w
ith v
ario
us in
cuba
tion
serv
ice
prov
ider
s.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
81
Perf
orm
ance
indi
cato
rs a
nd p
erfo
rman
ce ta
rget
s per
pro
gram
me
Goa
l/O
utco
me
Out
put
Perf
orm
ance
In
dica
tor/m
easu
re
Aud
ited
Act
ual
Perf
orm
ance
Estim
ated
Perf
orm
ance
M
ediu
m T
erm
Tar
gets
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Inve
stm
ents
m
ade
by th
e N
EF
resu
lt in
su
stai
nabl
e bl
ack-
owne
d bu
sine
sses
.
The
prov
isio
n of
non
-fina
ncia
l sup
port
and
train
ing
for b
lack
-ow
ned
busi
ness
es a
nd e
ntre
pren
eurs
.
6.1.
Num
ber o
f Bus
ines
s To
day
Trai
ning
ses
sion
s pr
ovid
ed
21 tr
aini
ng
sess
ions
hel
d 18
trai
ning
se
ssio
ns p
er
year
, with
an
aver
age
scor
e of
60%
re
quire
d in
th
e po
st-
train
ing
asse
ssm
ent
18 tr
aini
ng s
essi
ons
per y
ear,
with
an
aver
age
scor
e of
60
% re
quire
d in
the
post
-trai
ning
as
sess
men
t
18 tr
aini
ng
sess
ions
per
yea
r, w
ith a
n av
erag
e sc
ore
of 6
0%
requ
ired
in th
e po
st-tr
aini
ng
asse
ssm
ent
18 tr
aini
ng
sess
ions
per
ye
ar, w
ith a
n av
erag
e sc
ore
of 6
0% re
quire
d in
the
post
-tra
inin
g as
sess
men
t
sruenerpertne fo rebmu
N .2.6
re
ferr
ed fo
r bus
ines
s in
cuba
tion;
an
d nu
mbe
r of e
ntre
pren
eurs
w
ho s
ucce
ssfu
lly c
ompl
ete
busi
ness
incu
batio
n
Tota
l of 8
9 en
trepr
eneu
rs
refe
rred
for
incu
batio
n;
and
16
entre
pren
eurs
w
ere
in th
e fin
al
incu
batio
n st
age
10 in
the
final
in
cuba
tion
stag
e.
75 e
ntre
pren
eurs
re
ferr
ed fo
r in
cuba
tion;
and
15
entre
pren
eurs
in
the
final
incu
batio
n st
age.
75 e
ntre
pren
eurs
re
ferr
ed fo
r in
cuba
tion;
15
entre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
75
entre
pren
eurs
re
ferr
ed fo
r in
cuba
tion;
15
entre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
laicoS fo reb
muN .3.6
Faci
litat
ion
Ses
sion
s fo
r NE
F in
vest
ees
26 S
ocia
l Fa
cilit
atio
n S
essi
ons
18 S
ocia
l Fa
cilit
atio
n S
essi
ons
18 S
ocia
l Fa
cilit
atio
n S
essi
ons
18 S
ocia
l Fa
cilit
atio
n S
essi
ons
18 S
ocia
l Fa
cilit
atio
n S
essi
ons
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
82
Qua
rter
ly m
ilest
ones
Goa
l/
Out
com
e
Out
put
Perf
orm
ance
Indi
cato
r/mea
sure
B
asel
ine
2014
/15
2016
/17
Ann
ual T
arge
t Q
uart
erly
Mile
ston
es
1st Q
uart
er
2nd Q
uart
er3rd
Qua
rter
4th Q
uart
er
Inve
stm
ents
m
ade
by th
e N
EF
resu
lt in
su
stai
nabl
e bl
ack-
owne
d bu
sine
sses
.
The
prov
isio
n of
no
n-fin
anci
al
supp
ort a
nd
train
ing
for
blac
k-ow
ned
busi
ness
es a
nd
entre
pren
eurs
.
Num
ber o
f Bus
ines
s To
day
Trai
ning
ses
sion
s pr
ovid
ed
21 tr
aini
ng
sess
ions
hel
d
18 tr
aini
ng
sess
ions
per
ye
ar, w
ith a
n av
erag
e sc
ore
of
60%
requ
ired
in
the
post
-trai
ning
as
sess
men
t
5 tra
inin
g se
ssio
ns w
ith a
n av
erag
e sc
ore
of
60%
requ
ired
in
post
-trai
ning
as
sess
men
t
10 tr
aini
ng
sess
ions
with
an
ave
rage
sc
ore
of 6
0%
requ
ired
in p
ost-
train
ing
asse
ssm
ent
15 tr
aini
ng
sess
ions
with
an
aver
age
scor
e of
60
% re
quire
d in
po
st-tr
aini
ng
asse
ssm
ent
18 tr
aini
ng
sess
ions
with
an
aver
age
scor
e of
60
% re
quire
d in
po
st-tr
aini
ng
asse
ssm
ent
Num
ber o
f ent
repr
eneu
rs
refe
rred
for b
usin
ess
incu
batio
n; a
nd n
umbe
r of
entre
pren
eurs
who
su
cces
sful
ly c
ompl
ete
busi
ness
incu
batio
n
Tota
l of 8
9 en
trepr
eneu
rs
refe
rred
to
incu
batio
n pa
rtner
s. 1
6 E
ntre
pren
eurs
in
the
final
in
cuba
tion
stag
e
Ref
er 7
5 en
trepr
eneu
rs fo
r in
cuba
tion;
15
entre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
Ref
er 3
0 en
trepr
eneu
rs
for i
ncub
atio
n;
and
2 en
trepr
eneu
rs in
th
e fin
al
incu
batio
n st
age.
Ref
er 4
5 en
trepr
eneu
rs
for i
ncub
atio
n;
and
4 en
trepr
eneu
rs in
th
e fin
al
incu
batio
n st
age.
Ref
er 6
0 en
trepr
eneu
rs
for i
ncub
atio
n;
and
7 en
trepr
eneu
rs in
th
e fin
al
incu
batio
n st
age.
Ref
er 7
5 en
trepr
eneu
rs
for i
ncub
atio
n;
and
15
entre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
Num
ber o
f Soc
ial
Faci
litat
ion
Ses
sion
s fo
r N
EF
inve
stee
s
26 S
ocia
l fa
cilit
atio
n se
ssio
ns
18 S
ocia
l Fa
cilit
atio
n S
essi
ons
5 S
ocia
l Fa
cilit
atio
n S
essi
ons
10 S
ocia
l Fa
cilit
atio
n S
essi
ons
15 S
ocia
l Fa
cilit
atio
n S
essi
ons
18 S
ocia
l Fa
cilit
atio
n S
essi
ons
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
6: E
ntre
pren
eurs
hip
Deve
lopm
ent)
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
.e
mmargorp rep tilps tsoc deriuqer eht edivorp
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
83
Stra
tegi
c Ob
ject
ive:
Enco
urag
e &
pro
mot
e sa
ving
s, in
vest
men
t & m
eani
ngfu
l
econ
omic
par
ticip
atio
n by
bla
ck p
eopl
e
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
84
14.7
Pr
ogra
mm
e 7:
Asse
t Man
agem
ent (
Inve
stor
Edu
cati
on)
Purp
ose
of th
e pr
ogra
mm
e
This
pro
gram
me
is in
dire
ct fu
lfilm
ent o
f the
man
date
of t
he N
EF
whi
ch is
aim
ed a
t pro
mot
ing
a cu
lture
of s
avin
gs a
nd in
vest
men
t am
ong
blac
k pe
ople
of t
he p
rogr
amm
e
The
NE
F’s
Inve
stor
Edu
catio
n ca
mpa
ign
is p
lann
ed t
o re
ach
loca
litie
s ac
ross
the
cou
ntry
, pr
ovid
ing
info
rmat
ion
nece
ssar
y to
mak
e pr
uden
t
savi
ngs
and
inve
stm
ent d
ecis
ions
.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
85
Perf
orm
ance
indi
cato
rs a
nd p
erfo
rman
ce ta
rget
s per
pro
gram
me
Goa
l/O
utco
me
Out
put
Perf
orm
ance
Indi
cato
r/mea
sure
A
udite
d A
ctua
l Pe
rfor
man
ceEs
timat
ed
Perf
orm
ance
Med
ium
Ter
m T
arge
ts
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Incr
ease
d un
ders
tand
ing
of
equi
ty o
wne
rshi
p am
ong
blac
k pe
ople
and
in
crea
sed
activ
ity in
sa
ving
s an
d in
vest
men
ts b
y bl
ack
peop
le.
Con
duct
inve
stor
edu
catio
n se
min
ars
in p
rovi
ncia
l tow
ns a
nd
incr
ease
und
erst
andi
ng b
y pa
rtici
pant
s.
Num
ber o
f sem
inar
s he
ld
acro
ss th
e co
untry
37 In
vest
or
Edu
catio
n se
min
ars
per
year
32 In
vest
or
Edu
catio
n se
min
ars
per
year
32 In
vest
or
Edu
catio
n se
min
ars
per y
ear
32 In
vest
or
Edu
catio
n se
min
ars
per
year
32 In
vest
or
Edu
catio
n se
min
ars
per
year
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
86
Qua
rter
ly m
ilest
ones
Goa
l/
Out
com
e
Out
put
Perf
orm
ance
Indi
cato
r/mea
sure
B
asel
ine
(201
4/15
)
2016
/17A
nnua
l Ta
rget
Q
uart
erly
Mile
ston
es
1st Q
uart
er
2nd Q
uart
er3rd
Qua
rter
4th Q
uart
er
Incr
ease
d un
ders
tand
ing
of
equi
ty o
wne
rshi
p am
ong
blac
k pe
ople
and
in
crea
sed
activ
ity in
sa
ving
s an
d in
vest
men
ts b
y bl
ack
peop
le.
Con
duct
inve
stor
ed
ucat
ion
sem
inar
s in
pro
vinc
ial t
owns
an
d in
crea
se
unde
rsta
ndin
g by
pa
rtici
pant
s.
Num
ber o
f sem
inar
s he
ld
acro
ss th
e co
untry
Four
Inve
stor
E
duca
tion
sem
inar
s pe
r ye
ar
32 In
vest
or
Edu
catio
n se
min
ars
per
year
8 In
vest
or
Edu
catio
n se
min
ars
16 In
vest
or
Edu
catio
n se
min
ars
24 In
vest
or
Edu
catio
n se
min
ars
32 In
vest
or
Edu
catio
n se
min
ars
Fina
ncia
l Pla
n (E
xpen
ditu
re e
mat
es fo
r Pro
gram
me
7: In
vest
or
Due
to th
e w
ay th
e N
EF
man
ages
its
busi
ness
, mos
t adm
inis
trativ
e an
d ca
pita
l exp
ense
s ar
e ce
ntra
lised
. W
e ar
e th
eref
ore
not i
n a
posi
tion
to
prov
ide
the
requ
ired
cost
spl
it pe
r pro
gram
me.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
87
15.
Perf
orm
ance
Pla
n M
atri
ces
15.1
Con
solid
ated
Per
form
ance
Pla
n M
atri
x 20
16/1
7 –
19
Stra
tegi
c O
bjec
tive
Out
com
e O
utpu
t
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 20
17/1
8 20
18/1
9
AD
VAN
CIN
G
BB
BEE
1. P
rovi
de fi
nanc
e to
bus
ines
s ve
ntur
es
esta
blis
hed
and
man
aged
by
blac
k pe
ople
.
Incr
ease
the
num
ber o
f bu
sine
sses
ow
ned
and
man
aged
by
blac
k pe
ople
in
Sou
th A
frica
.
Pro
vide
fina
nce
to
blac
k em
pow
ered
bu
sine
ss b
y in
vest
ing
in th
e fo
rm o
f loa
ns,
quas
i-equ
ity a
nd
equi
ty fi
nanc
e th
roug
h fu
nds
and
fund
ing
prod
ucts
, ta
rget
ing
blac
k ru
ral e
nter
pris
e,
SM
Es,
cor
pora
te
finan
ce a
nd
vent
ure
capi
tal.
1.1.
Val
ue o
f de
als
appr
oved
by
the
NE
F (R
mill
ion)
R
895
mill
ion
R88
0 m
illio
n R
1 11
6 m
illio
n R
1 41
4 m
illio
n R
1 55
6 m
illio
n
1.2.
Val
ue o
f new
C
omm
itmen
ts
(R m
illio
n)
R87
9 m
illio
n R
770
mill
ion
R92
4 m
illio
n R
1 1
09 m
illio
n R
1 24
5 m
illio
n
1.3.
Val
ue o
f D
isbu
rsem
ents
(R
mill
ion)
R56
2 m
illio
n R
691
mill
ion
R82
4 m
illio
n R
984
mill
ion
R1
363
mill
ion
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
88
Stra
tegi
c O
bjec
tive
Out
com
e O
utpu
t
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 20
17/1
8 20
18/1
9
MA
XIM
ISIN
G T
HE
EMPO
WER
MEN
T D
IVID
END
2. I
nves
t in
blac
k em
pow
ered
bu
sine
sses
that
ha
ve h
igh
empl
oym
ent
crea
ting
oppo
rtuni
ties.
The
sign
ifica
nt
crea
tion
and
supp
ort o
f new
an
d ex
istin
g jo
b op
portu
nitie
s
Sou
rce
inve
stm
ent
oppo
rtuni
ties
for
the
Fund
ing
Pro
gram
mes
that
fo
cus
on th
e cr
eatio
n of
new
em
ploy
men
t op
portu
nitie
s.
2.1.
Num
ber o
f job
op
portu
nitie
s ex
pect
ed to
be
supp
orte
d or
cr
eate
d.
Fund
ing
appr
oval
s ar
e pr
ojec
ted
to
supp
orte
d 33
763
jo
b op
portu
nitie
s (3
2 82
0 ne
w).
Sup
port
4 25
2 ne
w
or e
xist
ing
job
oppo
rtuni
ties
Sup
port
5 07
4 ne
w
or e
xist
ing
job
oppo
rtuni
ties
Sup
port
6 05
5 ne
w
or e
xist
ing
job
oppo
rtuni
ties
Sup
port
8 38
9 ne
w o
r exi
stin
g jo
b op
portu
nitie
s
3. S
uppo
rt th
e pa
rtici
patio
n of
bl
ack
wom
en in
the
econ
omy.
Incr
ease
d nu
mbe
r of
bus
ines
ses
owne
d an
d m
anag
ed b
y bl
ack
wom
en
Sou
rce
inve
stm
ent
oppo
rtuni
ties
for
the
Fund
ing
Pro
gram
mes
that
ar
e ow
ned
and
man
aged
by
blac
k w
omen
.
3.1.
Per
cent
age
of
portf
olio
dis
burs
ed
owne
d by
bla
ck
wom
en
26%
(on
tota
l ac
tive
portf
olio
) 40
% (o
n an
nual
di
sbur
sem
ents
) 40
%
(on
annu
al
disb
urse
men
ts)
40%
(on
ann
ual
disb
urse
men
ts)
40%
(on
ann
ual
disb
urse
men
ts)
4. F
acili
tate
in
vest
men
t acr
oss
all p
rovi
nces
in
Sou
th A
frica
Incr
ease
the
over
all c
olle
ctiv
e va
lue
of th
e po
rtfol
io in
vest
ed
in N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Incr
ease
d sh
are
of
portf
olio
in u
nder
-re
pres
ente
d pr
ovin
ces
4.1.
25%
of
disb
urse
men
t to
be in
vest
ed in
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
As
at 3
1 M
arch
20
15, a
tota
l of 2
3 w
orth
R13
3.4
mill
ion
is in
vest
ed
as fo
llow
s:
NC
: 1
wor
th
R0.
4m
FS:
3 w
orth
R24
m
Li
mpo
po:
7 w
orth
R
44 m
M
pum
alan
ga:
9 w
orth
R44
m
Nor
th-W
est:
3
wor
th R
21m
Dis
burs
e R
173
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
206
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
246
mill
ion
into
Nor
ther
n C
ape,
Fre
e S
tate
, Li
mpo
po,
Mpu
mal
anga
, E
aste
rn C
ape
and
Nor
th-W
est.
Dis
burs
e R
340
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
89
Stra
tegi
c O
bjec
tive
Out
com
e O
utpu
t
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 20
17/1
8 20
18/1
9
OPT
IMIS
ING
N
ON
-FIN
AN
CIA
L SU
PPO
RT
5. E
ncou
rage
&
prom
ote
savi
ngs,
in
vest
men
t &
m
eani
ngfu
l ec
onom
ic
parti
cipa
tion
by
blac
k pe
ople
Incr
ease
d un
ders
tand
ing
of
equi
ty o
wne
rshi
p am
ong
blac
k pe
ople
and
in
crea
sed
activ
ity
in s
avin
gs a
nd
inve
stm
ents
by
blac
k pe
ople
.
Con
duct
inve
stor
ed
ucat
ion
sem
inar
s in
pr
ovin
cial
tow
ns
and
incr
ease
un
ders
tand
ing
by
parti
cipa
nts.
5.1.
Num
ber o
f se
min
ars
held
ac
ross
the
coun
try.
37 In
vest
or
Edu
catio
n se
min
ars
32 In
vest
or
Edu
catio
n se
min
ars
per y
ear
32 In
vest
or
Edu
catio
n se
min
ars
per y
ear
32 In
vest
or
Edu
catio
n se
min
ars
per y
ear
32 In
vest
or
Edu
catio
n se
min
ars
per
year
6. B
lack
eco
nom
ic
empo
wer
men
t is
adva
nced
thro
ugh
com
mer
cial
ly
sust
aina
ble
ente
rpris
e.
Inve
stm
ents
mad
e by
the
NE
F re
sult
in s
usta
inab
le
blac
k-ow
ned
busi
ness
es.
The
prov
isio
n of
no
n-fin
anci
al
supp
ort a
nd
train
ing
for b
lack
-ow
ned
busi
ness
es
and
entre
pren
eurs
.
6.1.
Num
ber o
f B
usin
ess
Toda
y Tr
aini
ng s
essi
ons
prov
ided
21 tr
aini
ng
sess
ions
hel
d 18
trai
ning
se
ssio
ns p
er y
ear,
with
an
aver
age
scor
e of
60%
re
quire
d in
the
post
-trai
ning
as
sess
men
t
18 tr
aini
ng
sess
ions
per
yea
r, w
ith a
n av
erag
e sc
ore
of 6
0%
requ
ired
in th
e po
st-tr
aini
ng
asse
ssm
ent
18 tr
aini
ng s
essi
ons
per y
ear,
with
an
aver
age
scor
e of
60
% re
quire
d in
the
post
-trai
ning
as
sess
men
t
18 tr
aini
ng
sess
ions
per
ye
ar, w
ith a
n av
erag
e sc
ore
of
60%
requ
ired
in
the
post
-trai
ning
as
sess
men
t
6.
2. N
umbe
r of
entre
pren
eurs
re
ferr
ed fo
r bu
sine
ss
incu
batio
n; a
nd
num
ber o
f en
trepr
eneu
rs w
ho
succ
essf
ully
co
mpl
ete
busi
ness
in
cuba
tion.
Tota
l of 8
9 en
trepr
eneu
rs
refe
rred
to
incu
batio
n pa
rtner
s an
d 16
in
the
final
incu
batio
n st
age
10 e
ntre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
Ref
er 7
5 en
trepr
eneu
rs fo
r in
cuba
tion;
and
15
entre
pren
eurs
in
the
final
incu
batio
n st
age.
Ref
er 7
5 en
trepr
eneu
rs fo
r in
cuba
tion;
and
15
entre
pren
eurs
in th
e fin
al in
cuba
tion
stag
e.
Ref
er 7
5 en
trepr
eneu
rs
for i
ncub
atio
n;
and
15
entre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
6.
3. N
umbe
r of
Soc
ial F
acili
tatio
n se
ssio
ns fo
r NE
F in
vest
ees
26 S
ocia
l Fa
cilit
atio
n se
ssio
n18
Soc
ial
Faci
litat
ion
sess
ions
18 S
ocia
l Fa
cilit
atio
n se
ssio
ns
18 S
ocia
l Fac
ilita
tion
sess
ions
18
Soc
ial
Faci
litat
ion
sess
ions
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
90
Stra
tegi
c O
bjec
tive
Out
com
e O
utpu
t
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 20
17/1
8 20
18/1
9
7. E
stab
lish
the
NE
F in
the
Sou
th
Afri
can
econ
omy
as a
cre
dibl
e an
d m
eani
ngfu
l de
velo
pmen
t fin
ance
inst
itutio
n.
Incr
ease
the
utili
satio
n of
the
NE
F's
serv
ices
an
d fin
anci
ng
prod
ucts
.
Incr
ease
pos
itive
br
and
awar
enes
s of
the
NE
F.
7.1.
Bra
nd a
udit
surv
ey fi
ndin
gs
81%
bra
nd
awar
enes
s ac
hiev
ed
N/A
S
urve
y
perfo
rmed
eve
ry
seco
nd y
ear
Incr
ease
bra
nd
awar
enes
s to
45
%
N/A
S
urve
y
perfo
rmed
eve
ry
seco
nd y
ear
Incr
ease
bra
nd
awar
enes
s to
50
%
FIN
AN
CIA
L
EFFI
CIE
NC
Y &
SU
STA
INA
BIL
ITY
8. E
stab
lish
the
NE
F as
a
sust
aina
ble
DFI
.
Inve
st in
tra
nsac
tions
that
ha
ve a
hig
h le
vel
of s
ucce
ss a
nd
min
imis
e bu
sine
ss
failu
res
Obt
ain
an o
vera
ll re
al re
turn
on
fund
in
vest
men
ts
thro
ugh
equi
ty
retu
rns,
inte
rest
on
loan
s an
d in
tere
st
on c
ash
bala
nces
w
ith m
inim
ised
im
pairm
ents
and
w
rite-
offs
.
8.1.
Per
cent
age
of
portf
olio
impa
ired
The
prov
isio
nal
impa
irmen
t is
19%
on
the
entir
e di
sbur
sed/
in
vest
men
t po
rtfol
io.
18%
18
%
18%
18
%
8.2.
Tar
get R
OI
befo
re
impa
irmen
ts (t
o be
re
view
ed a
nnua
lly)
The
prov
isio
nal
retu
rn o
n in
vest
men
t for
the
year
is 9
.4%
9% -
10%
9%
- 10
%
9% -
10%
9%
- 10
%
8.
3. C
olle
ctio
ns
ratio
s 84
%
80%
80
%
80%
80
%
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
91
15.2
Per
form
ance
Pla
n M
atri
x –
Qua
rter
ly M
ilest
ones
201
6/17
Ta
rget
s fo
r 201
6/17
hav
e be
en re
view
ed b
ased
on
disc
ussi
ons
at M
anag
emen
t, E
xecu
tive
and
Boa
rd le
vel.
Qua
rterly
targ
ets
have
bee
n up
date
d to
alig
n w
ith th
e an
nual
targ
ets
as o
utlin
ed in
the
Per
form
ance
Pla
n ab
ove.
Stra
tegi
c O
bjec
tive
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 Q
uart
erly
Mile
ston
es
1st
2nd
3rd
4th
AD
VAN
CIN
G
BB
BEE
1. P
rovi
de fi
nanc
e to
bus
ines
s ve
ntur
es
esta
blis
hed
and
man
aged
by
blac
k pe
ople
.
1.1.
Val
ue o
f de
als
appr
oved
by
the
NE
F (R
mill
ion)
R
895
mill
ion
R88
0 m
illio
n R
1 11
6 m
illio
n R
175
mill
ion
R53
0 m
illio
n R
864
mill
ion
R11
16 m
illio
n
1.2.
Val
ue o
f new
C
omm
itmen
ts
(R m
illio
n)
R87
9 m
illio
n R
770
mill
ion
R92
4 m
illio
n R
121
mill
ion
R37
6 m
illio
n R
672
mill
ion
R92
4 m
illio
n
1.3.
Val
ue o
f D
isbu
rsem
ents
(R
mill
ion)
R56
2 m
illio
n R
691
mill
ion
R82
4 m
illio
n R
75 m
illio
n R
325
mill
ion
R58
6 m
illio
n R
824
mill
ion
MA
XIM
ISIN
G T
HE
EMPO
WER
MEN
T D
IVID
END
2. I
nves
t in
blac
k em
pow
ered
bu
sine
sses
that
ha
ve h
igh
empl
oym
ent
crea
ting
oppo
rtuni
ties.
2.1.
Num
ber o
f job
op
portu
nitie
s ex
pect
ed to
be
supp
orte
d or
cr
eate
d.
Fund
ing
appr
oval
s ar
e pr
ojec
ted
to
supp
orte
d 33
763
jo
b op
portu
nitie
s (3
2 82
0 ne
w).
Sup
port
4 25
2 ne
w
or e
xist
ing
job
oppo
rtuni
ties
Sup
port
5 07
4 ne
w
or e
xist
ing
job
oppo
rtuni
ties
Sup
port
548
new
or
exis
ting
job
oppo
rtuni
ties
Sup
port
2065
ne
w o
r exi
stin
g jo
b op
portu
nitie
s
Sup
port
3633
ne
w o
r exi
stin
g jo
b op
portu
nitie
s
Sup
port
5 07
4 ne
w o
r exi
stin
g jo
b op
portu
nitie
s
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
92
Stra
tegi
c O
bjec
tive
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 Q
uart
erly
Mile
ston
es
1st
2nd
3rd
4th
3. S
uppo
rt th
e pa
rtici
patio
n of
bl
ack
wom
en in
the
econ
omy.
3.1.
Per
cent
age
of
portf
olio
dis
burs
ed
owne
d by
bla
ck
wom
en
26%
(on
tota
l ac
tive
portf
olio
) 40
% (o
n an
nual
di
sbur
sem
ents
) 40
%
(on
annu
al
disb
urse
men
ts)
40%
(o
n di
sbur
sem
ents
) 40
%
(on
disb
urse
men
ts)
40%
(o
n di
sbur
sem
ents
) 40
%
(on
annu
al
disb
urse
men
ts)
4. F
acili
tate
in
vest
men
t acr
oss
all p
rovi
nces
in
Sou
th A
frica
4.1.
25%
of
disb
urse
men
t to
be in
vest
ed in
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
As
at 3
1 M
arch
20
15, a
tota
l of 2
3 w
orth
R13
3.4
mill
ion
is in
vest
ed
as fo
llow
s:
NC
: 1
wor
th
R0.
4m
FS:
3 w
orth
R24
m
Li
mpo
po:
7 w
orth
R
44 m
M
pum
alan
ga:
9 w
orth
R44
m
Nor
th-W
est:
3
wor
th R
21m
Dis
burs
e R
173
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
206
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
19 m
illio
n in
to N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
81
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
146
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-Wes
t.
Dis
burs
e R
206
mill
ion
into
N
orth
ern
Cap
e,
Free
Sta
te,
Lim
popo
, M
pum
alan
ga,
Eas
tern
Cap
e an
d N
orth
-W
est.
OPT
IMIS
ING
N
ON
-FIN
AN
CIA
L SU
PPO
RT
5. E
ncou
rage
&
prom
ote
savi
ngs,
in
vest
men
t &
m
eani
ngfu
l ec
onom
ic
parti
cipa
tion
by
blac
k pe
ople
5.1.
Num
ber o
f se
min
ars
held
ac
ross
the
coun
try.
37 In
vest
or
Edu
catio
n se
min
ars
32 In
vest
or
Edu
catio
n se
min
ars
per y
ear
32 In
vest
or
Edu
catio
n se
min
ars
per y
ear
8 In
vest
or E
duca
tion
sem
inar
s 16
Inve
stor
E
duca
tion
sem
inar
s
24 In
vest
or
Edu
catio
n se
min
ars
32 In
vest
or
Edu
catio
n se
min
ars
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
93
Stra
tegi
c O
bjec
tive
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 Q
uart
erly
Mile
ston
es
1st
2nd
3rd
4th
6. B
lack
eco
nom
ic
empo
wer
men
t is
adva
nced
thro
ugh
com
mer
cial
ly
sust
aina
ble
ente
rpris
e.
6.1.
Num
ber o
f B
usin
ess
Toda
y Tr
aini
ng s
essi
ons
prov
ided
21 tr
aini
ng
sess
ions
hel
d
18 tr
aini
ng
sess
ions
per
yea
r, w
ith a
n av
erag
e sc
ore
of 6
0%
requ
ired
in th
e po
st-tr
aini
ng
asse
ssm
ent
18 tr
aini
ng
sess
ions
per
yea
r, w
ith a
n av
erag
e sc
ore
of 6
0%
requ
ired
in th
e po
st-tr
aini
ng
asse
ssm
ent
5 tra
inin
g se
ssio
ns
10 tr
aini
ng
sess
ions
15
trai
ning
se
ssio
ns
18 tr
aini
ng
sess
ions
6.
2. N
umbe
r of
entre
pren
eurs
re
ferr
ed fo
r bu
sine
ss
incu
batio
n; a
nd
num
ber o
f en
trepr
eneu
rs w
ho
succ
essf
ully
co
mpl
ete
busi
ness
in
cuba
tion.
Tota
l of 8
9 en
trepr
eneu
rs
refe
rred
to
incu
batio
n pa
rtner
s an
d 16
in
the
final
incu
batio
n st
age
10 e
ntre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
Ref
er 7
5 en
trepr
eneu
rs fo
r in
cuba
tion;
and
15
entre
pren
eurs
in
the
final
incu
batio
n st
age.
Ref
er 3
0 en
trepr
eneu
rs fo
r in
cuba
tion;
and
2
entre
pren
eurs
in th
e fin
al in
cuba
tion
stag
e.
Ref
er 4
5 en
trepr
eneu
rs
for i
ncub
atio
n;
and
4 en
trepr
eneu
rs in
th
e fin
al
incu
batio
n st
age.
Ref
er 6
0 en
trepr
eneu
rs
for i
ncub
atio
n;
and
7 en
trepr
eneu
rs in
th
e fin
al
incu
batio
n st
age.
Ref
er 7
5 en
trepr
eneu
rs
for i
ncub
atio
n;
and
15
entre
pren
eurs
in
the
final
in
cuba
tion
stag
e.
6.
3. N
umbe
r of
Soc
ial F
acili
tatio
n se
ssio
ns fo
r NE
F in
vest
ees
26 S
ocia
l Fa
cilit
atio
n se
ssio
n18
Soc
ial
Faci
litat
ion
sess
ions
18 S
ocia
l Fa
cilit
atio
n se
ssio
ns
5 S
ocia
l Fac
ilita
tion
sess
ions
10
Soc
ial
Faci
litat
ion
sess
ions
15 S
ocia
l Fa
cilit
atio
n se
ssio
ns
18 S
ocia
l Fa
cilit
atio
n se
ssio
ns
7. E
stab
lish
the
NE
F in
the
Sou
th
Afri
can
econ
omy
as a
cre
dibl
e an
d m
eani
ngfu
l de
velo
pmen
t fin
ance
inst
itutio
n.
7.
1. B
rand
aud
it su
rvey
find
ings
81
% b
rand
aw
aren
ess
achi
eved
N/A
Sur
vey
perfo
rmed
eve
ry
seco
nd y
ear
In
crea
se b
rand
aw
aren
ess
to
45%
N
/A
N/A
N
/A
Ach
ieve
Bra
nd
Aw
aren
ess
of
45%
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
94
Stra
tegi
c O
bjec
tive
Perf
orm
ance
In
dica
tor/
Mea
sure
by
Fund
ing
Prog
ram
me
Perf
orm
ance
as
at 3
1 M
arch
20
15
2015
/16
Cur
rent
Yea
r 20
16/1
7 Q
uart
erly
Mile
ston
es
1st
2nd
3rd
4th
FIN
AN
CIA
L
EFFI
CIE
NC
Y &
SU
STA
INA
BIL
ITY
8. E
stab
lish
the
NE
F as
a
sust
aina
ble
DFI
.
8.1.
Per
cent
age
of
portf
olio
impa
ired
The
prov
isio
nal
impa
irmen
t is
19%
on
the
entir
e di
sbur
sed/
in
vest
men
t po
rtfol
io.
18%
18
%
18%
18
%
18%
18
%
8.
2. T
arge
t RO
I be
fore
im
pairm
ents
(to
be
revi
ewed
ann
ually
)
The
prov
isio
nal
retu
rn o
n in
vest
men
t for
the
year
is 9
.4%
9% -
10%
9%
- 10
%
9% -
10%
9%
- 10
%
9% -
10%
9%
- 10
%
8.
3. C
olle
ctio
ns
ratio
s 84
%
80%
80
%
80%
80
%
80%
80
%
N E
mw
erm
e F
ud
Per
fr
r 20
16/1
7 - 1
9
95
Pa
rt
C:
Lin
k t
o O
the
r P
lan
s
N Em werme Fu d
Perf r r 2016/17 - 19 96
16. Asset Management Plan
The NEF has been allocated equity in state owned or previously state owned entities which
were subsequently privatised as part of initial recapitalisation of the NEF. To date, the NEF
received shares in MTN (1.5%), Connex Travel (now trading as BCD Travel) (10%) and
Gidani (10%). We are also in the process of taking ownership of Ithuba, 15% shareholding
as allocated by the dti. The plan of the NEF is to retain such equity over a period of time and
to participate in board, shareholder and other structures of such entities in order to ensure
that the interests of the NEF in such assets are looked after. From time to time, the NEF will
create opportunities for Black People to acquire interests in entities by making some of the
equity held in various entities available to them through retail BEE offers similar to the
Asonge Retail Share Scheme. This will be done once the NEF believes that sufficient value
has been created in the assets and that it will make commercial sense to introduce such
offer in the market. This will be determined by the market conditions at the time and the
situation of the relevant business.
The NEF is also engaged with the Government and other relevant stakeholders with the aim
of securing the transfer of equity in other state owned entities to the NEF. These are entities
in which the NEF was allocated shares by the Government but the shares were never
actually transferred to the NEF (e.g. Safcol). We have also requested intervention by our
Shareholder Ministry in our quest to secure the transfer of the equity to the NEF.
From time to time, The NEF acquires equity in investee companies as part of its equity
funding instruments. The Post Investment Unit manages those assets as part of the Post
Investment Monitoring function of the NEF. The NEF has a Post Investment Committee
which sits monthly to consider reports on such investments and makes recommendations on
plans to maintain and enhance the assets and the same committee regularly monitors
progress on implementation of such plans.
N Em werme Fu d
Perf r r 2016/17 - 19 97
17. Information Technology Plan
The purpose of Information Systems and Technology (IST) at the National Empowerment
Fund (NEF) is to strategically improve, maintain and align information systems’ capabilities
and strategies with NEF’s organisational strategy.
The NEF will use the Master System Plan under the guidance of its governing structures to
identify and prioritize key IT projects for implementation over the next three years.
Implementation plans per IT project will consider funding, risks, deliverables, resource and
scope.
NEF’s IST Strategy is comprised of two key focus areas: Infrastructure and Applications. A
strong foundation for information technology is critical and we will continue focusing on
governance, risk management, security, and flexibility to forge our success. Performance
metrics will be established for accomplishing the strategic imperatives and we will report on
the progress of the imperatives.
The Master Systems Plan includes IT initiatives that are prioritised through the IST Steering
Committee to achieve IT- Business- Alignment. These IT initiatives will be implemented over
three years through allocation of funds and shall be monitored by the IST Steering
Committee.
17.1 The IST Strategic principles
Six IST Strategic principles to guide the use of IT within the organisation have been
identified, together with the benefits associated with working in accordance with these
principles:-
N Em werme Fu d
Perf r r 2016/17 - 19 98
Standardised, repeatable and reliable service delivery processes
• IST service provision should follow standardised, documented
procedures, which will provide for a stable support environment, which
complies with good governance requirements.
Managing information as an asset
• NEF’s projects depend on its need to manage information as a corporate
asset. Technology is not to be employed as an end in itself, but rather to
enable the extraction of greater value from information. Applications and
infrastructure need to be secured against both internal and external
unauthorised attempts to access and tamper with information.
Utilizing IST architecture as a basis for effective management of IST
• Standardisation and scalability considerations must determine
technology acquisitions, in order to ensure that the acquisition of new
technology enables effective use of existing compatible IST assets.
Ensuring the integrity of data, applications and infrastructure
• Improve IT solutions integration with minimal IT Infrastructure
redundancy
Developing IST competency in end users and IST support staff
• Capacity development of both internal IST end users and IST support
staff in terms of their effective utilisation and management of IST
environment contributes towards staff confidence and plays a role in
creating a high performing team culture.
N Em werme Fu d
Perf r r 2016/17 - 19 99
Developing flexible, collaborative and interoperable systems
• The purchase, implementation and development of interoperable, flexible
and proven systems are necessary to facilitate effective utilisation of ever
changing technology.
• Collaborative systems enable more effective harnessing of the collective
abilities of NEF’s human resources, whilst also contributing to capacity
building, through exposure to the knowledge, skills and approach to
working of other team members.
17.2 Emerging Trends
A Master Systems Plan is largely influenced by emerging trends in the technology space and
must therefore keep ‘in touch’ with external market trends. This presents a challenge for an
organisation like NEF because advances in technology continue to outpace the ability of
most organisations to adjust their processes to take advantage of new technologies. Thus it
is important for NEF to continue to explore and be aware of emerging technology trends that
can be leveraged to improve service to the NEF. The NEF has identified the following
emerging technologies as focal points of this Master Systems Plan:
Cloud –based technologies
The NEF will explore this emerging technology trend to lower overhead costs by
reducing the need for onsite infrastructure. Cloud technologies can provide offsite
redundancy to provide backup in the event that NEF’s data center is unavailable.
The NEF already has piloted Office 365’s Document Management functionality as a
cloud service; for the Legal Services and Strategic Projects Fund. The Electronic
BoardPack is also a cloud based technology which is being rolled out to various
committees within the NEF.
Mobile Device Management
The staff complement in the Funds is a mobile workforce and require access to
‘anywhere, anytime’ access to information. The use of mobile devices such as
N Em werme Fu d
Perf r r 2016/17 - 19 100
smartphones and tablets is anticipated to grow, especially to demand integration into
NEF’s infrastructure and applications. With this growth and complexity; controlling
access to sensitive and confidential data will require increased attention to security.
Information Security
The continued rapid development of information systems, globalisation and increase
in data volumes impacts on data networks. The main threat of cybercrime and its
growth is reflected by the significant development of hackers’ skills. The focus on
information security for the NEF over the next three years will be to manage threats
and attacks by enhancing its combination of effective technologies, such as anti-
malware and firewalls.
Unified Communications
Unified communications will enable the NEF to remotely communicate to and from
virtually any location. This emerging technology can improve flexibility by co –
existing with mobile devices. As voice, video, wireless and data merge into ‘unified
communications’, the NEF’s network will need upgrading to provide the necessary
services supporting this emerging technology.
N Empowerment Fund
Annual Performance Plan for 2016/17 - 19 101
18. Risk Management and Fraud Prevention Plan
18.1 Risk Management Process
Risk Management Framework
The NEF’s Risk Management Framework is based on COSO, Institute of Risk Management
Standards of South Africa (IRMSA) Code of Practice and PFMA & Treasury regulations.
The ERM (Enterprise-wide risk management) methodology of the NEF consists of the
following interrelated components: internal environment, objective setting, risk identification,
risk assessment, risk control and response, risk monitoring and reporting, and risk
performance measurement. These components are derived from best practice with respect
to ERM governance.
The Framework is continuously benchmarked against best practice such as the International
standard on Risk Management (ISO 31000) and KING III; and where required, relevant
changes are made to the Framework.
The Risk assessment process results in the output of the risk universe, allowing key risks to
be identified. The Risk assessment exercise is completed on an annual basis and divisional
risk registers are updated on a quarterly basis to identify any emerging risks and track
progress.
Risk Strategy (Risk Register)
The realisation of the strategic objectives presented by the NEF may be affected by the
following key risks as ranked in the NEF’s organizational Key Risk Register as at 31
December 2015:
N Em werme Fu d
Perf r r 2016/17 - 19 102
1. Sustainability Risk: The risk that the NEF will not be financially sustainable due
to erosion of the capital base and the NEF not having adequate capital to fund
planned programs and meet medium term cash requirements.
The NEF was not allocated capital via the recent budget process and was required to
sustain itself over the strategic planning period (three years) out of current capital and
internally generated portfolio returns.
This risk will materialise should the current capital not be prudently managed and the
investment portfolio becomes significantly impaired in the absence of future funding being
allocated to the NEF or the NEF not being able to source additional capital.
Due to increase in the level of approvals, the risk is that the NEF approves transactions that
it does not have the available funds to follow through.
The current funding instruments (i.e. Equity, Shareholders loans etc.) used to structure
transactions and the use of moratoriums is also negatively impacting on the NEF’s cash-
flows.
The actions implemented to mitigate against the recapitalisation and sustainability risks
include:
• Close monitoring of unencumbered cash and regularly performing going-concern
cash analysis.
• Close monitoring of the portfolio by the Post Investments Unit in collaboration with
the Finance Division.
• Intervention by the Restructure and Turnaround Unit for businesses that are in
distress.
• Engagements with the dti and National Treasury regarding funding requirements.
N Em werme Fu d
Perf r r 2016/17 - 19 103
2. Recapitalisation Risk: The risk that the NEF will not be able to raise sufficient
capital to fund the NEF’s short to medium-term investment and operating
activities.
Without an injection of new capital in the medium term, the NEF will run out of capital to
finance new transactions going forward. The lack of adequate capital will also negatively
impact on the NEF’s ability to follow through on participation interest or equity options for
transactions within the NEF’s Strategic Projects Fund. This will have a negative impact on
the achievement of the NEF’s mandate and the ability to transform the economy.
The process of implementing an optimum business combination structure with the IDC is
underway. A detailed assessment of an optimal structure undertaken and subsequent
reports were presented to Trade and Industry Minister Rob Davies and Economic
Development Minister Ebrahim Patel. Formal approval has since been obtained from the
stakeholder Ministries for the NEF to become an Arms-length subsidiary of the IDC. Steps
are being taken to implement this process.
Various initiatives are underway regarding resolving the issue relating to the recapitalisation
of the NEF. MTEF and IDC applications are underway to secure funding. NEF is also
undertaking fundraising initiatives for Special Projects Fund transactions.
3. Credit Risk: The risk of exposure to high credit risk investments and poor
quality of the invested portfolio
The NEF is mandated to intervene in the economy through the provision of funding to black
owned enterprises which, due to past economic imbalances, may be of a higher credit risk.
This risk is exacerbated by the current tough economic climate that may impact on funded
businesses and their cash flows leading to the inability to honour loan repayments and
possible defaults on loans to the NEF. Due to the high risk mandate of the NEF, this risk is
rated as one of critical exposures facing the NEF.
N Em werme Fu d
Perf r r 2016/17 - 19 104
Internally, the risk that the assessment processes of the NEF may not be able to inform
appropriate investment decisions does exist, as does the risk of not collecting on amounts
due and not being able to timeously identify distressed investments which may be able to be
rescued. The risk of funding the wrong “jockey’s” impacting on the performance of
investments and the portfolio also exists.
Inadequate controls mitigating this risk may negatively impact on the performance and
quality of the portfolio.
The controls introduced to attempt to mitigate this risk include
• Appointment of skilled fund management teams
• Due diligence investigation processes which include background checks
• Adequately constituted and efficient approval structures
• Portfolio management, monitoring and reporting processes
• Use of pricing models according to a pricing policy which compels consideration of
credit risk.
• An independent credit risk assessment process by the Risk Division.
• Credit collection process managed by collaboration between the Post Investment
Unit and the Finance Division.
• Adequate turnaround workout and restructuring process.
4. Business/Market Risk: The risk that changes in external market conditions
have a negative impact on the viability of funded transactions
The investment portfolio of the NEF consists of businesses in the commercial environment
that are susceptible to normal business risks of in an economic environment, fluctuations in
commodity prices and foreign exchange rates amongst other variables. The current volatile
local economic environment has led to significantly lower GDP growth rates. In addition
household personal finances are under financial strain due to an increase in living costs.
N Em werme Fu d
Perf r r 2016/17 - 19 105
This is negatively impacting on business conditions and has placed strain on some of the
clients in the portfolio.
The NEF portfolio is arguably more susceptible to these variations given the nature of the
businesses being supported i.e. early stage business, inexperienced entrepreneurs, geared
balance sheets and hence not as able to absorb the impact of these fluctuations as well as
more established businesses.
In evaluating transactions, market conditions are considered, due diligence investigations,
modelling and structuring of transactions by the deal teams. In addition, a regular micro and
macro economy sensitivity is undertaken by our Post Investment Unit and NEF appointed
mentors are used to promptly advise NEF investees on appropriate course of action.
5. Information Technology Risk
The risk that the IT systems do not meet users’ requirements or that the system is not fully
utilized could impact on the efficiencies within the organisation and reliability of information.
The risk within this area of the organisation impacts on all areas of the organisation.
Various initiatives have been implemented to improve the controls within this area i.e. IT
governance structure, including an IT steering committee, which has been established and is
now responsible for overseeing implementation of IT projects. An exercise to identify
possible issues with the existing system was completed and a report has been issued. Due
to the business combination discussions currently underway, management felt that it would
not be prudent to incur significant costs at this point and thus the implementation of the
second phase for enhancements has been placed on hold. Focus is however being placed
on certain quick wins as well as providing additional training to users, to ensure that users
are aware of all of the functionalities within the system.
6. Mandate Implementation: The risk of the NEF not being able to meaningfully
contribute towards its mandate
National Empowerment Fund
Annual Performance Plan for 2016/17 19 106
The mandate of the NEF is clearly set out within the NEF Act. The risk does however exist
that in executing the mandate, the NEF does not achieve the desired impact in advancing
B-BBEE.
The contribution to this risk could be exacerbated through management and staff potentially
not fully understanding the operational implementation of the mandate of the NEF. They may
also be inadequately skilled or lack the capacity and thus may be too thinly spread to
consistently monitor adherence to mandate in all activities of the NEF.
The NEF strives to ensure that all departments are sufficiently resourced in line with the
annual performance targets with highly skilled individuals. The staff is also required to attend
a detailed orientation process, as well as the staff planning workshops, in which the mandate
is reemphasised.
This risk is further mitigated through the development of funding strategies and products
which are in constant development to address market failures and acceleration of the
execution of the mandate. An example is a strategy referred to as the SME strategy where
high volume and low value applications in the form of franchise, procurement invoice
discounting, contact and bridging facilities. In addition, a credit committee has been
established to approve the SME strategy loan applications as a rapid loan approval solution.
Furthermore, transactions are currently being assessed against a measure of impact termed
the NEF Empowerment Dividend. The NEF Empowerment Dividend leads to a discount in
the pricing of the transactions to encourage entrepreneurs to consider ventures with
opportunities of high employment, women empowerment and across all South African
provinces.
Inability to secure future funding will negatively impact on the ability of the NEF to implement
its mandate. Various actions, as indicated in item 1 above, are being implemented to deal
with the future funding requirements of the NEF.
N Empowerment Fund
Annual Performance Plan for 2016/17 - 19 107
7. Moratorium in funding new applications
Additional funding has not yet been secured. The NEF should have sufficient cash to fund
the approvals targets of R880 million. Should bridging finance not be obtained in the short
term, the NEF runs a risk of having to freeze funding on new applications due to cash
limitations.
8. Business Combination Risk: Business combination process not planned and
implemented effectively with resultant negative impact on the future
sustainability, reputation and mandate of the NEF.
The process of implementing an optimum business combination structure with the IDC is
underway. A project task team was established between the NEF and the IDC to ensure
that interests and objectives of both the NEF and the IDC are upheld and was responsible
for the monitoring of the progress of the business combination. A feasibility study has been
completed and reports presented to Trade and Industry Minister Rob Davies and Economic
Development Minister Ebrahim Patel, and plans for the incorporation of the NEF under the
IDC are at an advanced stage. The matter is being finalised and should be implemented
soon.
9. People Risk: Loss of key personnel due to uncertainty regarding the outcome
of recapitalisation and business combination processes
The NEF ensures constant information dissemination to all personnel regarding
recapitalisation and business combination process and plan. As at the end of the quarter
ending 30 September 2015, the level of resignations has increased from the previous
quarter and may be due to possible uncertainty with regard to the recapitalisation process.
This is being investigated further by Human resources. Succession plans are however in
place in which capable individuals have been identified, suitably trained and given exposure
at senior levels.
N Em werme Fu d
Perf r r 2016/17 - 19 108
10. Reputation risk
The NEF regularly engages in marketing initiatives such as advertising and stakeholder
engagements, performs brand awareness and regular brand audits, engages the media and
administers perception survey to respondents.
18.2 Fraud Plan
The Fraud Prevention Plan is the responsibility of all staff and management at the NEF.
This plan is a dynamic document and is updated regularly to reflect changes in the business
operations and circumstances of the NEF.
The NEF has developed and implemented a Fraud Prevention Strategy and Fraud
Prevention Plan to guide behaviour and to combat any fraudulent activities. Key aspects of
the Fraud Prevention Strategy and Plan are listed below.
An -Fraud Statement
As a first step towards implementing an anti-fraud strategy, the NEF adopts and
publishes an Anti-Fraud Policy statement along the following lines:
The NEF recognises the possibility of fraud and corruption occurring in its operations. As
such it is the policy and mission of the NEF to strive for the protection of its employees and
its other stakeholders (such as applicants, investees, suppliers etc.) through the
implementation of an effective and efficient Fraud Prevention Strategy.
We believe that there is only one effective way of fighting fraud and other corrupt practices
and that is by instilling the reality amongst employees and other stakeholders, (such as
clients (investees), suppliers of goods and services, public,) that fraud and corruption do not
pay and will be detected and dealt with severely.
Therefore, the NEF’s view on fraud and corruption is one of zero tolerance, and as such the
NEF is committed to:
N Em werme Fu d
Perf r r 2016/17 - 19 109
Aggressively detecting incidents of fraud and corruption;
The investigation of all allegations of misconduct by employees, clients and suppliers, said to
be occasioned by fraud and corruption; and
The prosecution of all offenders criminally and, where necessary, the institution of civil and
disciplinary action against them.
An -Fraud Charter
In implementing the Fraud Prevention Policy of the NEF has adopted the following
principles:
• We have a zero-tolerance attitude to fraud
• We understand and manage our risks
• We are proactive in defending our assets
• We react swiftly when a crime is uncovered
Fraud Risk Management strategy
The key objectives of the NEF’s Fraud Risk Management Strategy are:
• To establish the necessary preventative, control and monitoring mechanisms/
systems to minimise the defrauding of the NEF funds, resources, assets and services
by any persons/organizations.
• To ensure that adequate measure are in place to protect the NEF from internal as
well as external fraud (i.e. supplier, potential applicants, clients, syndicates targeting
NEF i.e. false applications etc.)
• To ensure that adequate measures are in place to report fraud (whistle blowing policy
and hotline)
• To ensure that all reported matters are investigated
National Empowerment Fund
Annual Performance Plan for 2016/17 19 110
To account to the Board, via the Audit Committee on all fraudulent activity within the
NEF
To take the necessary action against all parties involved in fraudulent activities
against the NEF and to punish and deter any fraudulent actions from continuing or
recurring.
The focus of such a strategy is the formalisation and implementation within the NEF of a
culture of zero tolerance for fraud and corruption, a high level of fraud awareness, and a
management and control environment that makes it as difficult as reasonably possible to
misappropriate assets or to succumb to corruption.
From the perspective of the NEF, good governance as it pertains to fraud prevention
includes:
a. Continuing the present focus on governance
b. A robust control environment
c. A strong and independent Internal Audit function
d. A relevant and well-communicated Code of Conduct
e. A whistleblowing policy and mechanism (fraud hotline) to report suspected fraud
or corruption.
From a fraud prevention point of view it is important that:
When management considers the strategy and direction that the organisation is
taking, they take into account the environmental factors relating to fraud and that they
insist that a suitably comprehensive fraud prevention strategy be put in place to
address such risks, this is done via the organisational risk assessment process.
Each manager brings his or her specialised industry knowledge or technical
background to bear when considering how fraud risks are to be avoided.
Regular monitoring of performance against pre-set objectives should take place.
Individual operational units are held accountable for their actions.
National Empowerment Fund
Annual Performance Plan for 2016/17 19 111
Constant pressure for improvement is exercised as this has a powerful impact on
reducing fraudulent activity. This is done via the implementation of internal and
external auditor’s recommendation, which is tracked.
The management team’s awareness of the possibility of fraud is monitored, as this is
also an active manner in which managers can encourage defensive strategies.
Regular monitoring of the internal control environment takes place to ensure that it
remains of sufficiently high standard.
N Em werme Fu d
Perf r r 2016/17 - 19 112
19 Subsidiaries
19.1 Em werme p (SOC)
In 2002, the NEF established an entity in which it has 100% interest. The NEF has obtained
permission from the National Treasury under section 54 of the PFMA that the Trust may
utilise this entity in any of its future Asset Management retail activities. This company
remained dormant since inception until the 2014/15 financial year when a strategic
acquisition of the land and property on which Goseame business is conducted was
facilitated through the provision of a long term loan granted by the NEF. The transfer of the
property has been finalised and lease income being received from the tenant.
19.2 Zasc r
At times the NEF exercises pledges and cessions of shares in securities which were
obtained as part of the security package from investees at initial approval and funding. This
happens in instances where there are unresolved defaults by investees. In such instances
the NEF becomes a de facto shareholder in the place of such defaulting shareholders of the
investee companies. The intention in such instances is that the NEF holds the equity whilst a
suitable third party entity is being identified to acquire the shares and possibly take over the
operational control of the business. If required the NEF will also implement turnaround
measures during this time to remedy any operational, financial, governance or other issues
that may have led to the underperformance and default.
A case in point is a Zastrovect Investment Proprietary Limited (trading as Goseame Fresh
Produce Market) which is located on Polokwane. In this instance, the NEF has acquired
100% equity in the business and obtained approval from National Treasury on 18 August
2014 to do so as required by section 54 of the PFMA. As per agreement contained in the
approval the NEF is required to reduce its equity holding within a period of three years from
date of approval. The NEF has been implementing a turnaround plan for the business to
N Em werme Fu d
Perf r r 2016/17 - 19 113
deal with areas that were mismanaged by the managing shareholders and to restore value
for the business. The NEF is finalising a strategy to exit the business which will involve the
disposal of the asset fully or partially to a third party who will be identified through a process
which is aligned to the procurement policies of the NEF. There are current endeavours in
place to reduce the NEF equity.
20 Service Delivery Improvement Plan
The NEF’s Pre-Investment Unit and Regional Offices continuously seek opportunities to
improve customer experience in relation to Product Advisory and Applications Administration
services. The following initiatives and processes have been undertaken and implemented,
with specific measurements for the current and next three financial periods:
• The application process from receipt to screening decision has been reduced from an
average of 3-weeks to 10-days. This was mainly achieved as a result of the changes
made to the standard operating procedures. We are presently involved in a project
aimed and upgrading the online applications processes, this is a group wide project
and is expected to improve the turnaround times to 5- and ultimately 3-days over a
three year period.
• The waiting times in our walk-in centres is deemed reasonable, however, with the
increasing demand for product advisory services, we have identified interventions
which are aimed at improving this and telephony services:
Self-service and customer feedback kiosks at all service centres.
Integrated telephone system between Pre-Investment and the Regional
Offices. These are aimed at ensuring increased efficiencies in the use of
resources and further improve telephone response times.
National Empowerment Fund
Annual Performance Plan for 2016/17 19 114
An online business planning tool currently being implemented. The aim of the
tool is to assist applicants in building a business plan through a series of
questions they will be asked to respond to when they access the application.
A complaints register is maintained on all complaints received. We are also in the
process of linking the complaints register to the IT platform CRM. Any complaints that
are emailed will automatically be logged onto CRM. This will ensure that the
complaints and relevant responses are easily monitored by more than one person.
We aim to provide responses to complaints within 12-hours of receipt. Most of the
complaints relate to declined applications, to a large extend these cannot be avoided.
We have, however, ensured that the decision letters provide as much detail as it is
possible in an endeavour to provide clarity, specifically in relation to decline
decisions.
The team engages in Business Development activities, primarily in outlying areas.
We have observed an increase in the number of enquiries and application activities
from Provinces which were previously relatively dormant. Additionally, these
sessions are instrumental in ensuring that our targeted clients are aware of all the
service touch points and gain access to relevant information on the NEF’s funding
and non-funding solutions.
N Empowerment Fund
Annual Performance Plan for 2016/17 - 19 115
21 Indicator
Performance Indicator 1.1: Value of deals approved by the NEF
1. Indicator title Value of deals approved by the NEF
2. Short definition Total value of deals approved by the NEF
3. Purpose/importance Indicates the level of financial support approved by the NEF’s investment committees
4. Source/collection of data Funds; CRM system
5. Lead/ coordinating agency
Funds
6. Method of calculation The information is captured on the CRM information. The final values and reports are reviewed and signed off by Fund Managers and Divisional Executives.
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
R895 million
9. Data limitations Reflects the total value of funds committed by the NEF to investees. In some instances, deals may not make it to actual funding stages due to negotiations, conditions precedent not being met or lapsed facilities.
10. Quality assurance strategy
Review by Fund, Finance department and Strategy & Planning unit
11. Indicator responsibility Fund Managers
N Em werme Fu d
Perf r r 2016/17 - 19 116
Performance Indicator 1.2: Value of Commitments
1. Indicator title Value of Commitments made by the NEF
2. Short definition Total value of Commitments
3. Purpose/importance Indicates the total cash which the NEF has agreed to advance to investees in legal agreements signed.
4. Source/collection of data Legal department
5. Lead/ coordinating agency
Funds
6. Method of calculation The information is collated by the Legal Department and signed off by the Legal Manager
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
R879 million
9. Data limitations No known limitations.
10. Quality assurance strategy
Submitted and reviewed by the Legal Department.
11. Indicator responsibility Legal Manager
N Em werme Fu d
Perf r r 2016/17 - 19 117
Performance Indicator 1.3: Value of Disbursements
1. Indicator title Value of Disbursement made by the NEF
2. Short definition Disbursements
3. Purpose/importance Indicates the total cash which the NEF has advanced to investees
4. Source/collection of data Finance department; Funds
5. Lead/ coordinating agency
Funds
6. Method of calculation The information is recorded by the Funds and Finance department as part of the financial management processes.
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
R562 million
9. Data limitations No known limitations.
10. Quality assurance strategy
Review by Funds and Finance department
11. Indicator responsibility Finance Manager
N Em werme Fu d
Perf r r 2016/17 - 19 118
Performance Indicator 2.1: Number of job opportuni es supported or created
1. Indicator title Number of job opportunities supported or created
2. Short definition Number of job opportunities supported
3. Purpose/importance Reflects the approximate number of job opportunities supported i.e. new and existing job opportunities, according to funds committed to investees by the NEF.
4. Source/collection of data
Funds
5. Lead/ coordinating agency
Funds
6. Method of calculation The information is captured on the CRM information. The final values and reports are reviewed and signed off by Fund Managers and Divisional Executives.
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
Funding approvals are projected to support 33 763 job opportunities (32 820 new and 943 existing)
9. Data limitations Job opportunities are recorded during due diligence phase and actual number of job opportunities supported may vary depending on business requirements post the disbursement process.
10. Quality assurance strategy
Review by Fund Managers
11. Indicator responsibility Fund Managers
N Em werme Fu d
Perf r r 2016/17 - 19 119
Performance Indicator 3.1: Percentage of annual disbursements owned by black women.
1. Indicator title Percentage of annual disbursements owned by black women
2. Short definition Percentage of the portfolio disbursed in a year owned by black women
3. Purpose/importance To maximise the participation of black women in the economy.
4. Source/collection of data
Funds
5. Funds Funds
6. Method of calculation The information is captured by the Funds and stored on the CRM system
7. Calculation type Based on annual disbursements.
8. Baseline (for the year ended 31 March 2015)
47%
9. Data limitations This represents value of the portfolio disbursed that is owned by women.
10. Quality assurance strategy
The information is checked and submitted by the Funds onto CRM.
11. Indicator responsibility Funds
N Em werme Fu d
Perf r r 2016/17 - 19 120
Performance Indicator 4.1: 25% of disbursements to be invested in Northern Cape, Free State, Limpopo, Mpumalanga, Eastern Cape and North-West
1. Indicator title 25% of disbursements to be invested in Northern Cape, Free State, Limpopo, Mpumalanga, Eastern Cape and North-West
2. Short definition Increase portfolio size in under-represented provinces.
3. Purpose/importance To facilitate investment across all provinces of South Africa
4. Source/collection of data
Fund managers
5. Lead/ coordinating agency
Funds
6. Method of calculation Provincial data is captured and stored on the CRM system which can be tracked per fund and for the NEF.
7. Calculation type Cumulative
8. Baseline (for the year ended 31 March 2015)
A total of 23 deals worth R133 million was invested in Northern Cape, Free State, Limpopo, Mpumalanga, Eastern Cape and North-West
9. Data limitations None
10. Quality assurance strategy
Information is captured and verified by funds.
11. Indicator responsibility Fund Managers
N Em werme Fu d
Perf r r 2016/17 - 19 121
Performance Indicator 5.1: Number of investor n seminars held across the country
1. Indicator title Number of investor education seminars held across the country
2. Short definition Number of seminars held
3. Purpose/importance To increase the understanding of equity ownership among black people and increased activity in savings and investment by black people.
4. Source/collection of data
SEDU
5. Lead/ coordinating agency
SEDU
6. Method of calculation Total number of seminars held per province. Record is kept of the seminars held and this is reported on by the Project Manager.
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
37 investor education seminars held.
9. Data limitations No specific limitations
10. Quality assurance strategy
Seminars are managed and attended by NEF. The number of seminars and the number of attendees are counted.
11. Indicator responsibility Asset Management Project Manager
N Em werme Fu d
Perf r r 2016/17 - 19 122
Performance Indicator 6.1: Number of Business Today Training Sessions provided
1. Indicator title Providing Business Skills (Business Today and Bootcamp) Training
2. Short definition Business Skills Training
3. Purpose/importance Provision of training to black-owned businesses and entrepreneurs
4. Source/collection of data
Pre-Investment Unit
5. Lead/ coordinating agency
Pre-Investment Unit
6. Method of calculation A record is kept of the training sessions held together with the towns in which training hosted.
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
21 training sessions provided
9. Data limitations No specific limitations
10. Quality assurance strategy
A record is kept of the training sessions held together with the towns in which training hosted. This can be verified by Supply Chain and Finance department, based on orders and invoices raised.
11. Indicator responsibility Pre-Investment Unit Manager
N Em werme Fu d
Perf r r 2016/17 - 19 123
Performance Indicator 6.2: Number of entrepreneurs that progress to the l stages of the Business Incu on programme
1. Indicator title Number of Entrepreneurs that progress to the final stages of the Business Incubation programme
2. Short definition Business Incubation
3. Purpose/importance Focus on tracking progress of those referred to the business incubation programmes
4. Source/collection of data
Pre-Investment Unit
5. Lead/ coordinating agency
Pre-Investment Unit
6. Method of calculation Count of the number of entrepreneurs who have been referred for business incubation; and those who have reached the final stage of the Incubation Programme
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
Total of 89 entrepreneurs referred to incubation partners with 16 entrepreneurs in the final incubation stage.
9. Data limitations The NEF has in the last year focused on counting the number of business that successfully make it to the final incubation stage. The focus, going forward, will revert back to prior years to include the number of businesses referred for incubation.
10. Quality assurance strategy
A list of entrepreneurs referred to the incubation programme is kept by Pre-Investment. Progress of referrals will be verified with the Incubation Programme itself.
11. Indicator responsibility Pre-Investment Unit Manager
N Em werme Fu d
Perf r r 2016/17 - 19 124
Performance Indicator 6.3: Number of Social Facilita Sessions provided
1. Indicator title Number of Social Facilitation sessions provided
2. Short definition Number of Social Facilitation sessions provided to investees
3. Purpose/importance Provision of corporate governance training to black-owned businesses and entrepreneurs
4. Source/collection of data
Socio-Economic Development Unit
5. Lead/ coordinating agency
Socio-Economic Development Unit
6. Method of calculation A record is kept of the training sessions held together with the towns in which training hosted.
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
26 Social Facilitation Sessions were held
9. Data limitations No specific limitations
10. Quality assurance strategy
A record is kept of the training sessions held together with the towns in which training hosted. This can be verified by Supply Chain and Finance department, based on orders and invoices raised.
11. Indicator responsibility Socio-Economic Development Unit
N Em werme Fu d
Perf r r 2016/17 - 19 125
Performance Indicator 7.1.: Brand Audit Survey ndings
1. Indicator title Brand Audit Survey findings
2. Short definition The findings of the Brand Audit Survey
3. Purpose/importance To track brand awareness of the NEF in order to drive the utilisation of the NEF’s services and financing products.
4. Source/collection of data
Marketing & Communications has outsourced this function to a media agency
5. Lead/ coordinating agency
Marketing & Communications
6. Method of calculation A survey is performed every second year.
7. Calculation type Non-cumulative
8. Baseline (for the year ended 31 March 2015)
81% Brand awareness achieved.
9. Data limitations None
10. Quality assurance strategy
Checked and verified by the media agency
11. Indicator responsibility Marketing & Communications Manager
N Em werme Fu d
Perf r r 2016/17 - 19 126
Performance Indicator 8.1: Percentage of Impaired
1. Indicator title Percentage of the portfolio impaired
2. Short definition The total percentage of the value invested in investees that is valued at less than the original valuation, and that may have to be written off in future.
3. Purpose/importance The level of impairment is an indication of the sustainability of the fund.
4. Source/collection of data
Finance Department
5. Lead/ coordinating agency
Finance Department
6. Method of calculation Valuations are performed on the portfolio based on the current performance of investee’s businesses.
7. Calculation type Non-cumulative
8. Baseline (as at 31 March 2015)
The provisional impairment is 19%
9. Data limitations No specific limitations
10. Quality assurance strategy
The valuations are performed by an independent consultant together with the Post Investment Unit and the Finance Department.
11. Indicator responsibility Finance Manager
N Em werme Fu d
Perf r r 2016/17 - 19 127
Performance Indicator 8.2: Target ROI before impairments
1. Indicator title Target return on investment before impairments
2. Short definition Annual return earned by the total portfolio i.e. loans and preference share portfolio before impairments
3. Purpose/importance The ability to generate a healthy return improves the ability of the fund to be sustainable.
4. Source/collection of data
Finance Department
5. Lead/ coordinating agency
Finance Department
6. Method of calculation Returns are calculated based on actual collections received from investees
7. Calculation type Cumulative
8. Baseline (as at 31 March 2015)
The ROI for the is 9.4%
9. Data limitations No specific limitations
10. Quality assurance strategy
Calculations are performed by the Finance Manager and audited by the external auditors
11. Indicator responsibility Fund Manager, Post Investment Unit Manager, Chief Financial Officer
N Em werme Fu d
Perf r r 2016/17 - 19 128
Performance Indicator 8.3: Co ons ra
1. Indicator title Improve collections ratios
2. Short definition The NEF seeks to improve the percentage of monies collected from investees based on the total amount invoiced.
3. Purpose/importance To ensure sustainability of the fund
4. Source/collection of data
Finance Department, Post Investment Unit
5. Lead/ coordinating agency
Finance Department
6. Method of calculation Percentage of funds received based on the total amount invoiced
7. Calculation type Cumulative – for the year
8. Baseline (for the year ended 31 March 2015)
84%
9. Data limitations None
10. Quality assurance strategy
Invoicing is performed by Finance Department, and audited as part of the annual audit exercise.
11. Indicator responsibility Finance Manager
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,838
2
6
,263
-
2
6,7
64
3,3
82
2
7,2
37
3,6
19
2
7,2
37
3,6
19
Perm
anen
t92
064
- 11
0 07
4Ad
min
istra
tive
Perfo
rman
ce b
onus
1
25
25
1
27
- 1
2
7 2
7 1
2
7 2
7 1
3
0 3
0
Perm
anen
t11
0 07
5 - 1
30 4
45Ad
min
istra
tive
Perfo
rman
ce b
onus
2
112
5
6 2
1
21
- 2
1
35
68
2
135
6
8 2
1
49
75
Perm
anen
t13
0 44
6 - 1
55 9
61Ad
min
istra
tive
Perfo
rman
ce b
onus
3
181
6
0 3
1
95
- 3
1
95
65
3
195
6
5 3
2
15
72
Perm
anen
t15
5 96
2 - 1
87 2
75Ad
min
istra
tive
Perfo
rman
ce b
onus
5
384
7
7 5
4
15
- 5
4
15
83
5
415
8
3 5
4
56
91
Perm
anen
t18
7 27
6 - 2
31 2
10Ad
min
istra
tive
Perfo
rman
ce b
onus
11
909
8
3 1
0 9
82
- 1
2 1
,066
8
9 1
2 9
82
82
12
1,0
80
90
Perm
anen
t23
1 21
1 - 2
87 1
22Ad
min
istra
tive
Perfo
rman
ce b
onus
9
974
1
08
10
1,9
46
- 1
2 1
,946
1
62
12
1,9
46
162
1
2 2
,141
1
78
Perm
anen
t28
7 12
3 - 3
50 0
25Ad
min
istra
tive
Perfo
rman
ce b
onus
15
2,6
96
180
1
5 2
,912
-
17
2,9
12
171
1
7 2
,912
1
71
17
3,2
03
188
Perm
anen
t35
0 02
6 - 5
69 5
36Fi
nanc
ial a
ndPe
rform
ance
bon
us 3
2 5
,842
1
83
40
7,0
00
- 4
2 7
,000
1
67
42
8,0
00
190
4
2 8
,800
2
10
Perm
anen
t56
9 53
7 - 6
70 8
90Fi
nanc
ial a
ndPe
rform
ance
bon
us 1
9 4
,382
2
31
30
6,0
00
- 3
2 6
,000
1
88
32
7,0
00
219
3
2 8
,313
2
60
Perm
anen
t67
0 89
1 - 8
76 4
64Fi
nanc
ial a
ndPe
rform
ance
bon
us 2
9 9
,089
3
13
41
11,
000
- 4
2 1
1,00
0 2
62
42
11,
500
274
4
2 1
5,45
0 3
01
Perm
anen
t87
6 46
5 - 1
032
445
Fina
ncia
l and
Perfo
rman
ce b
onus
12
4,5
56
380
1
2 5
,950
-
13
6,2
50
481
1
3 6
,450
4
96
13
8,5
95
546
Perm
anen
t1
032
446
- 1 2
64 1
72Fi
nanc
ial a
ndPe
rform
ance
bon
us 9
4
,720
5
24
9
6,2
00
- 9
6
,700
7
44
9
6,7
00
744
9
9
,220
8
19
Perm
anen
t1
448
494
- 1 8
92 7
16Fi
nanc
ial a
ndPe
rform
ance
bon
us 3
2
,245
7
48
3
2,4
25
- 3
2
,725
9
08
3
2,7
25
908
3
4
,498
1
,166
Perm
anen
t1
892
717
- 2 1
37 6
58Fi
nanc
ial a
ndPe
rform
ance
bon
us -
- -
- -
-
Perm
anen
t2
137
659
- 2 4
15 6
66Fi
nanc
ial a
ndPe
rform
ance
bon
us 2
2
,554
1
,277
2
2
,758
-
2
2,7
58
1,3
79
2
2,7
58
1,3
79
2
4,4
24
1,7
67
Perm
anen
t2
415
667
- 2 7
31 2
05Fi
nanc
ial a
ndPe
rform
ance
bon
us -
- -
- -
TO
TAL
152
1
36,8
32
900
1
83
- -
183
,273
-
195
2
01,2
62
1,0
32
195
2
12,7
02
1,0
91
195
2
28,8
26
1,1
32
Prel
imin
ary
outc
omes
Revi
sed
Estim
ate
Proj
ectio
ns o
ver t
he M
TEF
Cate
gory
Sala
ry L
evel
Occ
upat
ion
Com
pone
nts
of
Rem
uner
atio
n20
14/1
520
15/1
620
16/1
720
17/1
820
18/1
9
Num
ber o
f
on fu
nded
es
tabl
ishm
ent
Expe
nditu
re
on fu
nded
es
tabl
ishm
ent
(R th
ousa
nd)
Unit
Cost
Num
ber o
f po
sts
on
appr
oved
es
tabl
ishm
ent
Num
ber o
f fu
nded
pos
ts
(est
ablis
hem
ent)
Num
ber o
f pos
ts
esta
blis
hmen
t
Expe
nditu
re
on fu
nded
es
tabl
ishm
ent
(R th
ousa
nd)
Unit
Cost
Num
ber o
f
on fu
nded
es
tabl
ishm
ent
Expe
nditu
re
on fu
nded
es
tabl
ishm
ent
(R th
ousa
nd)
Unit
Cost
Num
ber o
f
on fu
nded
es
tabl
ishm
ent
Expe
nditu
re
on fu
nded
es
tabl
ishm
ent
(R th
ousa
nd)
Unit
Cost
Num
ber o
f
on fu
nded
es
tabl
ishm
ent
Expe
nditu
re
on fu
nded
es
tabl
ishm
ent
(R
thou
sand
)
Unit
Cost
Perm
anen
t92
064
- 11
0 07
4Ad
min
istra
tive
Gua
rant
eed
pack
age
1
94
94
1
101
-
1
109
1
09
1
117
1
17
1
125
1
25
Perm
anen
t11
0 07
5 - 1
30 4
45Ad
min
istra
tive
Gua
rant
eed
pack
age
2
254
1
27
2
272
-
2
294
1
47
2
315
1
58
2
337
1
69
Perm
anen
t13
0 44
6 - 1
55 9
61Ad
min
istra
tive
Gua
rant
eed
pack
age
3
428
1
43
3
458
-
3
495
1
65
3
565
1
88
3
567
1
89
Perm
anen
t15
5 96
2 - 1
87 2
75Ad
min
istra
tive
Gua
rant
eed
pack
age
5
829
1
66
5
1,0
87
- 5
1
,174
2
35
5
1,2
56
251
5
1
,344
2
69
Perm
anen
t18
7 27
6 - 2
31 2
10Ad
min
istra
tive
Gua
rant
eed
pack
age
10
2,3
93
239
1
0 2
,761
-
12
3,2
82
274
1
2 3
,726
3
11
12
3,9
87
332
Perm
anen
t23
1 21
1 - 2
87 1
22Ad
min
istra
tive
Gua
rant
eed
pack
age
10
2,8
67
287
1
0 3
,768
-
12
4,2
42
354
1
2 4
,739
3
95
12
4,8
57
405
Perm
anen
t28
7 12
3 - 3
50 0
25Ad
min
istra
tive
Gua
rant
eed
pack
age
15
5,2
08
347
1
5 6
,073
-
17
6,9
99
412
1
7 7
,800
4
59
17
7,5
92
447
Perm
anen
t35
0 02
6 - 5
69 5
36Fi
nanc
ial
Gua
rant
eed
pack
age
32
15,
994
500
4
0 2
3,11
4 -
42
25,
963
618
4
2 2
6,71
0 6
36
42
27,
580
657
Perm
anen
t56
9 53
7 - 6
70 8
90Fi
nanc
ial
Gua
rant
eed
pack
age
19
12,
288
647
3
0 2
2,26
5 -
32
25,
246
789
3
2 2
6,94
3 8
42
32
26,
759
836
Perm
anen
t67
0 89
1 - 8
76 4
64Fi
nanc
ial
Gua
rant
eed
pack
age
29
23,
911
825
4
1 3
7,48
5 -
42
42,
484
1,0
12
42
44,
318
1,0
55
42
44,
350
1,0
56
Perm
anen
t87
6 46
5 - 1
032
445
Fina
ncia
lG
uara
ntee
d pa
ckag
e 1
2 1
1,80
2 9
84
12
12,
628
- 1
3 1
4,63
8 1
,126
1
3 1
5,35
7 1
,181
1
3 1
5,00
0 1
,154
Perm
anen
t1
032
446
- 1 2
64 1
72Fi
nanc
ial
Gua
rant
eed
pack
age
9
10,
807
1,2
01
9
12,
563
- 9
1
3,41
8 1
,491
9
1
4,35
7 1
,595
9
1
5,00
0 1
,667
Perm
anen
t1
264
173
- 1 4
48 4
93Fi
nanc
ial
Gua
rant
eed
pack
age
- -
- -
-
Perm
anen
t1
448
494
- 1 8
92 7
16Fi
nanc
ial
Gua
rant
eed
pack
age
3
5,6
12
1,8
71
3
6,5
05
- 3
7
,025
2
,342
3
7
,517
2
,506
3
7
,517
2
,506
Perm
anen
t2
137
659
- 2 4
15 6
66Fi
nanc
ial
Gua
rant
eed
pack
age
2
5,6
76
2,8
38
2
6,2
63
- 2
6
,764
3
,382
2
7
,237
3
,619
2
7
,237
3
,619
Perm
anen
t92
064
- 11
0 07
4Ad
min
istra
tive
Perfo
rman
ce b
onus
1
25
25
1
27
- 1
2
7 2
7 1
2
7 2
7 1
3
0 3
0
Perm
anen
t11
0 07
5 - 1
30 4
45Ad
min
istra
tive
Perfo
rman
ce b
onus
2
112
5
6 2
1
21
- 2
1
35
68
2
135
6
8 2
1
49
75
Perm
anen
t13
0 44
6 - 1
55 9
61Ad
min
istra
tive
Perfo
rman
ce b
onus
3
181
6
0 3
1
95
- 3
1
95
65
3
195
6
5 3
2
15
72
Perm
anen
t15
5 96
2 - 1
87 2
75Ad
min
istra
tive
Perfo
rman
ce b
onus
5
384
7
7 5
4
15
- 5
4
15
83
5
415
8
3 5
4
56
91
Perm
anen
t18
7 27
6 - 2
31 2
10Ad
min
istra
tive
Perfo
rman
ce b
onus
11
909
8
3 1
0 9
82
- 1
2 1
,066
8
9 1
2 9
82
82
12
1,0
80
90
Perm
anen
t23
1 21
1 - 2
87 1
22Ad
min
istra
tive
Perfo
rman
ce b
onus
9
974
1
08
10
1,9
46
- 1
2 1
,946
1
62
12
1,9
46
162
1
2 2
,141
1
78
Perm
anen
t28
7 12
3 - 3
50 0
25Ad
min
istra
tive
Perfo
rman
ce b
onus
15
2,6
96
180
1
5 2
,912
-
17
2,9
12
171
1
7 2
,912
1
71
17
3,2
03
188
Perm
anen
t35
0 02
6 - 5
69 5
36Fi
nanc
ial
Perfo
rman
ce b
onus
32
5,8
42
183
4
0 7
,000
-
42
7,0
00
167
4
2 8
,000
1
90
42
8,8
00
210
Perm
anen
t56
9 53
7 - 6
70 8
90Fi
nanc
ial
Perfo
rman
ce b
onus
19
4,3
82
231
3
0 6
,000
-
32
6,0
00
188
3
2 7
,000
2
19
32
8,3
13
260
Perm
anen
t67
0 89
1 - 8
76 4
64Fi
nanc
ial
Perfo
rman
ce b
onus
29
9,0
89
313
4
1 1
1,00
0 -
42
11,
000
262
4
2 1
1,50
0 2
74
42
15,
450
301
Perm
anen
t87
6 46
5 - 1
032
445
Fina
ncia
lPe
rform
ance
bon
us 1
2 4
,556
3
80
12
5,9
50
- 1
3 6
,250
4
81
13
6,4
50
496
1
3 8
,595
5
46
Perm
anen
t1
032
446
- 1 2
64 1
72Fi
nanc
ial
Perfo
rman
ce b
onus
9
4,7
20
524
9
6
,200
-
9
6,7
00
744
9
6
,700
7
44
9
9,2
20
819
Perm
anen
t1
448
494
- 1 8
92 7
16Fi
nanc
ial
Perfo
rman
ce b
onus
3
2,2
45
748
3
2
,425
-
3
2,7
25
908
3
2
,725
9
08
3
4,4
98
1,1
66
Perm
anen
t1
892
717
- 2 1
37 6
58Fi
nanc
ial
Perfo
rman
ce b
onus
- -
- -
- -
Perm
anen
t2
137
659
- 2 4
15 6
66Fi
nanc
ial
Perfo
rman
ce b
onus
2
2,5
54
1,2
77
2
2,7
58
- 2
2
,758
1
,379
2
2
,758
1
,379
2
4
,424
1
,767
Perm
anen
t2
415
667
- 2 7
31 2
05Fi
nanc
ial
Perfo
rman
ce b
onus
- -
- -
-
TO
TAL
152
1
36,8
32
900
1
83
- -
183
,273
-
195
2
01,2
62
1,0
32
195
2
12,7
02
1,0
91
195
2
28,8
26
1,1
32
National Empowerment Fund
Annual Performance Plan for 2016/17 – 19 133
