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ECDC boss lauds LED programme
Posted on: Friday, 09 December 2005. Article source: Eastern Cape Business News
The Province’s European Union (EU) funded Local Economic Development (LED) Support Programme provided an excellent institutional opportunity to strengthen bi-lateral relations between the European Union and the Eastern Cape, Eastern Cape Development Corporation (ECDC) CEO Kevin Wakeford said.
In terms of the programme three funds have been established to support provincial stakeholders in the form of technical assistance, as well as finance for municipalities, local economic development partnerships, enterprises, and financial institutions.
The three funds are:
• a Local Government Support Fund aimed at assisting municipalities within the province to create an appropriate enabling environment for economic growth,
• a Local Competitiveness Fund aimed at helping local partnerships to identify and capitalise on their area’s competitive advantage and
• a Financial Innovation Fund that will help improve access to finance.
ECDC in association with a full time EU team which will be deployed in ECDC offices in Queenstown, Mthatha, Port Elizabeth and East London will engage in project generation up to bankable projects, in relation to the Local Competitiveness Fund and Financial Innovation Fund.
The Local Government Support Fund will be launched in February and the Local Competitiveness Fund will be launched in March, following which proposals will be called for. Within three months of the closing of the call for proposals, funds will be ready for dispersal.
The wider objective of the Programme is a significant reduction in the number of households living below the poverty line. This will contribute to the PGDP targets, set for the year 2014, of reducing by between 60-80% the number of households living below the poverty line, and eliminating gender disparities.
With the support of the EU, it brings to the Province total resources of over R250 million over a 5-year period from 2005 to 2010.
The Eastern Cape Provincial LED Support Programme is the third in a series of European Union-funded provincially-based local economic development support initiatives. The three programmes represent a total commitment of Euro 100 million to economic development in South Africa, a significant portion of the Euro 125 million a year commitment of aid from the European Commission to South Africa in the 2003-2006 EU-SA Country Strategy.
The first LED support programme was launched in Limpopo and it was followed by another in KwaZulu-Natal.
“This is one of the biggest provincial government EU partnerships in Southern Africa and is one of the boldest actions initiated by the EU in terms of stepping up development in the Eastern Cape. The amount of resources they have put on the table is a huge statement of intent and as a significant stakeholder we at ECDC, intend to seize the opportunity to build confidence between ourselves and the EU through an effective and efficient relationship which can strengthen bi-lateral relations in terms of trade and foreign direct invest,” Wakeford said.
In terms of the programme three funds have been established to support provincial stakeholders in the form of technical assistance, as well as finance for municipalities, local economic development partnerships, enterprises, and financial institutions.
The three funds are:
• a Local Government Support Fund aimed at assisting municipalities within the province to create an appropriate enabling environment for economic growth,
• a Local Competitiveness Fund aimed at helping local partnerships to identify and capitalise on their area’s competitive advantage and
• a Financial Innovation Fund that will help improve access to finance.
ECDC in association with a full time EU team which will be deployed in ECDC offices in Queenstown, Mthatha, Port Elizabeth and East London will engage in project generation up to bankable projects, in relation to the Local Competitiveness Fund and Financial Innovation Fund.
The Local Government Support Fund will be launched in February and the Local Competitiveness Fund will be launched in March, following which proposals will be called for. Within three months of the closing of the call for proposals, funds will be ready for dispersal.
The wider objective of the Programme is a significant reduction in the number of households living below the poverty line. This will contribute to the PGDP targets, set for the year 2014, of reducing by between 60-80% the number of households living below the poverty line, and eliminating gender disparities.
With the support of the EU, it brings to the Province total resources of over R250 million over a 5-year period from 2005 to 2010.
The Eastern Cape Provincial LED Support Programme is the third in a series of European Union-funded provincially-based local economic development support initiatives. The three programmes represent a total commitment of Euro 100 million to economic development in South Africa, a significant portion of the Euro 125 million a year commitment of aid from the European Commission to South Africa in the 2003-2006 EU-SA Country Strategy.
The first LED support programme was launched in Limpopo and it was followed by another in KwaZulu-Natal.
“This is one of the biggest provincial government EU partnerships in Southern Africa and is one of the boldest actions initiated by the EU in terms of stepping up development in the Eastern Cape. The amount of resources they have put on the table is a huge statement of intent and as a significant stakeholder we at ECDC, intend to seize the opportunity to build confidence between ourselves and the EU through an effective and efficient relationship which can strengthen bi-lateral relations in terms of trade and foreign direct invest,” Wakeford said.
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