Provincial Growth Fund almost allocated
Prior to COVID-19, the PGF focused on initiatives in priority sectors and surge regions. During lockdown, the government reset the PGF to enable it to play a vital role in helping the country recover from the economic impact of COVID-19.
Around $600 million of PGF funding has been reallocated into initiatives which will create jobs in short timeframes and bring immediate economic benefits.
In addition, the Provincial Development Unit was given the responsibility for the delivery of more than 100 shovel ready projects, identified through the Infrastructure Reference Group, creating jobs for displaced workers in our regions.
As a result, the volume and value of applications the PGF has received far exceeds the funding available.
What remains of the funding will be used to invest in key areas as part of the government’s post-COVID-19 response.