Microsoft announces R1.3bn SA fund to boost black-owned businesses in deal with government

Microsoft SA has signed a record BEE agreement with the dtic.  (Photo by Oliver Berg/Picture Alliance via Getty Images)

Microsoft SA has signed a record BEE agreement with the dtic. (Photo by Oliver Berg/Picture Alliance via Getty Images)

Microsoft has committed to creating an estimated R1.3 billion fund to invest in future-focused skills development and black-owned businesses in South Africa as part of a black economic empowerment deal with the Department of Trade, Industry and Competition (dtic).

Kalane Rampai, CEO of Microsoft SA, and Minister of Trade, Industry and Competition, Ebrahim Patel, met on May 21 to sign an agreement that represented the largest financial commitment by a single company under the Matching Investment Program in Actions, stated the minister.

“This transaction (…) will create a fund with an estimated value (…) in the order of R1.3 billion that will support the growth and development of young black South Africans and small and medium-sized businesses to navigate the landscape changing part of the technological revolution.”

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