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Johannesburg - South African brands management group Barloworld (BAW) has launched its Enterprise Development Fund - Barloworld
Siyakhula - as part of its endeavour to facilitate enterprise development and foster sustainable broad based black economic empowerment (BBBEE).
Barloworld Siyakhula, a wholly owned subsidiary of Barloworld, will provide financial and non-financial support primarily to small and medium suppliers, contractors and enterprises as well as assist in the exploration and development of Greenfield business opportunities within the Barloworld value chain, the company said in a statement.
Speaking at the launch, Barloworld chairperson Dumisa Ntsebeza said that the birth of Barloworld Siyakhula also stems from the group's alignment with the Accelerated and Shared Growth Initiative of South Africa and the Department of Trade and Industry's Codes of Good Practice on BBBEE.
Barloworld has also accelerated the process of transformation at all levels throughout the company, said Ntsebeza.
Barloworld Siyakhula houses an investment fund with an initial capitalisation of R20m. Barloworld aims to make a considerable contribution to the process of transformation, job creation and skills transfer in South Africa through partnerships and investments in emerging SMEs.
Logical and effective method
Barloworld Siyakhula will work closely with Barloworld Limited, Barloworld Motor, Barloworld Logistics; Barloworld Equipment - and entails investment in black empowered and black owned SMEs, complementing Barloworld's established BEE strategies for preferential procurement, enterprise development and corporate social investment.
"Siyakhula, derived from isiZulu word meaning 'we are growing', is part of Barloworld's intentional and strategic approach to transformation," said Isaac Shongwe, executive director, who is driving transformation for the company.
"The creation and development of SMEs has been proven time and time again to be the most logical and effective method of bridging the economic divide and building sustainable wealth in many countries. The time has come for Barloworld to make a visible difference."
The fund will provide affordable, accessible knowledge and funding to potential black investors as well as to existing companies seeking to achieve sustainable transformation.
The fund is currently invested in five businesses which collectively employ 152 people, 64 of whom are new employees, appointed since Siyakhula's investment. Together these businesses generate a combined annual turnover in excess of R82m.
- I-Net Bridge