President Jacob Zuma has announced a new programme, a collaboration between business and government, to provide internships for South African youth.
Speaking in Pretoria, President Zuma announced that the programme intends to place 1 million youth in paid, private sector, internships over a three year period.
The cost of the internships will be paid by the private sector and will be supported by a package of government incentives.
Youth internships are seen as a very effective way of giving young, unemployed youth work experience with large companies.
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A fund aimed at supporting small and medium sized enterprises (SME) to grow the economy has been established, with the private sector having contributed over R1 billion to its coffers.
Addressing the media following the Presidential CEOs Initiative meeting on Friday, President Jacob Zuma said the SME Fund that will make equity investments in small enterprises with growth potential.
“The fund has been established, a Board of Directors appointed and thus far, the private sector has contributed almost R1.5 billion,” the President said.