IMVABA EC PROVINCIAL COOPERATIVE DEVELOPMENT FUND (IMVABA ECPCDF), A R50M FUND TO BENEFIT PRIMARY COOPS

The Department of Economic Development and Environmental Affairs (DEDEA) has made a provision of R50m Cooperatives Fund to support and develop Cooperatives within the province. The fund is called the Imvaba Eastern Cape Provincial Cooperative Development Fund (Imvaba ECPCDF) and it is informed primarily by the Eastern Cape Provincial Cooperatives Development Strategy. 

The main focus of the fund will be to promote the viability of the cooperative enterprise in the province. It will serve as a revolving fund for the support of Primary Cooperatives involved in Manufacturing and Services Sectors.

The fund has been structured as part loan finance and part developmental (start up capital) to enhance the competitiveness of the cooperative enterprises in the province.  The targeted Sectors include Agri- business (agro-processing), Tourism, ICT, Chemicals, Textile and Clothing, Timber and Forestry, Metals, Business Processing Out-Sourcing, and Arts and Crafts.

The Imvaba ECPCDF will be managed as a distinct product through Eastern Cape Development Corporation (ECDC) for the interim period while in the meantime creating necessary capacity for the establishment of a cooperative bank in line with the provisions of the cooperatives bank Act no 50 of 2007.   

The forms for application will be available in all DEDEA regional offices and the ECDC satellite offices in the province.