The tourism Transformation Fund (TTF), launched in 2017 through a collaboration between the Department of tourism and the National Empowerment Fund (NEF), is showing positive progress in driving economic transformation and empowerment within South Africa’s tourism sector.
Since its inception, the TTF has approved a total of R272.58m in funding for various tourism projects. This investment is translating into tangible results: six projects are operational, another six are under development, and ten more are in various stages of development, with many expected to commence construction soon.
The initiative has also demonstrably contributed to job creation, supporting over 1,047 jobs. Additionally, the TTF is fostering diversity and inclusion within the industry. A remarkable 76% of the 23 funded businesses boast Black women ownership, with a further 27% being youth-owned.
Targeted support to Black businesses in tourism
“Our collaboration with the National Empowerment Fund in establishing…
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