The South African government has the responsibility for growing and transforming our national economy for the benefit of all citizens in our nation. To fulfil this responsibility, government has set economic priorities that include: creating jobs to eradicate poverty, bringing black business into the first economy, developing capacity, skills development, spreading opportunities across the country and establishing diverse and globally competitive industries.

The NEF’s specific role in the existing developmental finance arena is to achieve BB-BEE objectives as articulated in the Codes of Good Practice (“the Codes”) emanating from the Broad-based Economic Empowerment Act of 2003. In this regard, the NEF plays a catalytic role through financial and non-financial support that will accelerate the meaningful participation by black individuals,communities and businesses in the South African economy. The Codes take into consideration preferential procurement, broadeningthe reach of black equity ownership while preventing the dilution of black shareholdings, and encouraging black employment and the development of black talent into senior management. The NEF product offering was designed to address the funding challenges relating to the achievement of the various pillars of the Codes.