Question NW2635 to the Minister of Sport, Arts and Culture
26 October 2023 - NW2635
Mthethwa, Mr E to ask the Minister of Sport, Arts and Culture
(1).Whether the National Empowerment Fund (NEF) was entrusted to manage the Venture Capital Fund worth 175 million over a period of three years; if not, what is the position in this regard; if so, what are the relevant details. (2). Whether the NEF was granted the project management role; if not, what is the position in this regard; if so, (a) which processes were followed in awarding the tender, (b) on what date was the tender signed and (c) for what period?
Reply:
(1) In 2016, the Department entrusted National Empowerment Fund (NEF) through a tender process to manage Venture Capital Fund (VCF) for a period of 3 years (2016/17 -2018/19) to the amount of R100 000 000.00 (One Hundred Million Rand Only) therefore the amount allocated was not 175 million.
(2)
(a). Yes, NEF was granted the project management role through Supply-Chain Management (SCM) processes.
(b). The tender was signed for a period of three years as indicated above.
THANK YOU