During her keynote address at the 2013 Enterprise Development Conference at Gallagher Estates in Midrand, Anglo American Executive Director in South Africa, Khanyisile Kweyama, announced the launch of the Sebenza Fund, a partnership between Anglo American’s enterprise development arm, Zimele, and the Development Bank of Southern Africa (DBSA).
The fund is designed to create meaningful and sustainable employment in throughout South Africa.
The Sebenza Fund is the fifth fund in the globally recognised Zimele stable. It will channel a total of R500 million into underprivileged and poor communities, with Anglo American and DBSA each contributing R250 million. Sebenza, which means ‘to work’ in isiZulu, expects to create 8,000 new jobs over the next three years, building on Zimele’s existing commitment to creating and sustaining 25,000 jobs by 2015.
The Sebenza Fund will follow a similar model to the highly successful Community Fund and will create 30 new business hubs across South Africa. This will translate into Zimele having close to 60 hubs nationwide aimed at providing entrepreneurs with access to affordable finance and ongoing business support and mentorship.
This Fund will provide loans to businesses, start-up and growing entrepreneurs, at a preferential annual interest rate of 6%, with Zimele undertaking surety and ownership of assets until the loan is repaid. In line with the Zimele model, on-going mentorship will be available to all beneficiary companies.
Kweyama, who is also chairperson of Zimele, said the timing of the conference could not be more appropriate considering the focus on enterprise development as an effective job creation mechanism for South Africa, as well as the revision of the BBBEE Codes of Good Practice.
“The launch of the Sebenza Fund is an extremely proud moment for our company. We are confident it will add substantive value to Zimele’s already successful model, and make a real difference in improving socio-economic conditions in South Africa, by creating sustainable employment opportunities.”