Microsoft announces R1.3bn SA fund to boost black-owned businesses in deal with govt

Microsoft has pledged to create an estimated R1.3-billion fund to invest in future-focused skills development and black-owned businesses in South Africa as part of a black economic empowerment agreement with the Department of Trade Industry and Competition (dtic).

Kalane Rampai, Microsoft SA's managing director, and Minister of Trade, Industry and Competition, Ebrahim Patel, met on 21 May to sign an agreement that signalled the largest financial commitment by a single firm under the Equity Equivalent Investment Programme, the minister said.

"This transaction [...] will create a fund with an estimated value [...] of the order of R1.3 billion that will support the growth and development of young, black South Africans and small and medium enterprises to navigate the changing landscape of the technology revolution."