The package is available in the form of zero-interest loans, bridging finance and grants.announced that together the IDC and the NEF have so far approved R1.5-billion in direct support, benefiting 320 business sites.
According to Nchocho, about 20 IDC employees were seconded from their regular work to focus on the funding process. The funding assessment process was streamlined and the decision-making protocols were streamlined to allow the executive of the IDC “to move with speed”. Earlier in the briefing, Patel recounted the “enormous economic damage” that was wrought by the riots and looting. “The livelihoods of ordinary South Africans was deeply, deeply undermined. We had not only business owners staring ruin in the face, but many workers were left with premises that were burnt or looted,” he said.echoed these sentiments. The NEF was allocated R650-million for its relief efforts by the department of trade and industry.
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