Black schools neededBusiness Day (Late Final), Review & Opinion,05 Sep 2016
Black schools neededBusiness Day (Late Final), Review & Opinion,05 Sep 2016
CAPE TOWN — Tough economic conditions have eroded the financial viability of National Empowerment Fund (NEF) clients and this has resulted in an increase in its provisions for impairments and writeoffs. The fund's weakened financial position — made worse on the balance sheet by the decline in the value of its 10million MTN shares in 201516 — has prompted it to renew its call for an urgent recapitalisation that would allow it to continue funding enterprise development and promoting black economic empowerment. The NEF annual report for 201516, tabled in Parliament this week, warns that without a cash injection, the fund will be forced to impose a moratorium on funding new transactions.
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