The Dti Launches Apex Fund in Western Cape | Western Cape Government


The Dti Launches Apex Fund in Western Cape

25 June 2006
The Department of Trade and Industry (the dti) will launch the South African Micro-finance Apex Fund (SAMAF) at the OR Tambo Hall in Khayelitsha on Friday, 30 June 2006 from 10:00.

Provincial Minister of Environment, Planning and Economic Development, Tasneem Essop will deliver the keynote address. The media is invited to attend.

Apex Fund, an initiative the dti, is another important step taken by the national government to activate micro-finance in the country's remote, rural and poor urban areas, in line with Millennium Development Goals, Celebrations of the UN Year of Micro-credit and the 50th celebrations of the Freedom Charter.

The Fund was launched nationally at the Motswedi Village in North West in May 2005. The Western Cape province will be the seventh to be launched. Other provinces already launched are North West, Limpopo, Northern Cape, Eastern Cape and Mpumalanga and Free State.

The mission of the Fund is to provide professional and customized services to partner organisations. SAMAF strives to achieve its vision through mobilisation of capital for development projects, forging valuable development partnerships with business, government and the target community, and capacity building.

The Apex Fund already has a presence in the province and would like to extend its presence to an outreach that touches even the most rural parts of the province. Implementation in the Western Cape has already started with the linkages with the following micro finance institutions: Impact Direct Ministries, African Renaissance, Great Commission Community Services and Red Door.

For further information contact Bongani Lukhele on 012 394 1643

Issued by:
Lynnette Johns
Media Liasion Officer to Ms Tasneem Essop
Provincial Minister: Environment, Planning and Economic Development
Tel: 021 483 3915
Fax: 021 483 6081

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