Government organisation the National Empowerment Fund (NEF) on February 28 signed a memorandum of understanding (MoU) with the nonprofit Black Management Forum (BMF), with the aim of having each party leverage their respective mandates, resources and networks to foster sustainable and inclusive economic empowerment, skills development, enterprise growth and transformation at both managerial and ownership levels.

The two entities have agreed to cooperate in several areas.

First, they would work together to support viable black-owned and black-managed enterprises in accessing funding, capacity building and related development initiatives.

Second, the BMF will provide management and leadership development, mentorship, training, governance and ethical leadership programmes to businesses and entrepreneurs funded by the NEF.

Third, the BMF may support or co-fund capacity-building initiatives such as governance training, leadership development and management workshops, especially for enterprises supported or funded by the NEF.

Fourth, the two entities would collaborate to commission research on relevant issues related to black economic empowerment and other shared areas of interest.

Lastly, they would leverage the BMF’s advocacy and policy advisory role, along with the NEF’s financial and investment mandate, to conduct seminars, awareness events or similar activities aimed at influencing public policy, legislation and corporate practices in support of deeper and more inclusive economic transformation.

The NEF’s Dr Nthabiseng Moleko says the NEF recognises the BMF as a strategic partner and will involve the BMF in relevant investment, transformation and related initiatives outlined in the MoU.

This collaboration was highlighted as a key milestone for both entities, as well as South Africa’s broader transformation agenda.

“The NEF is a trusted partner to many black entrepreneurs across various sectors. Since its inception, the NEF has approved more than R15.5-billion in funding for black-owned and managed businesses nationwide. We have contributed to restoring dignity and economic stability in thousands of households, through the creation of 153 307 decent jobs,” Moleko highlights.

The agreement offers a structured framework for partnership in inclusive economic empowerment, skills development, enterprise growth, policy advocacy, thought leadership, research and the promotion of managerial and ownership participation in line with the objectives of broad-based black economic empowerment.