Economic Development Annual Report

Annual Report 2023/2024 Mpumalanga: Department of Economic Development and Tourism - Vote 6

Achievements of the public entity

257 884 257 884 Revitalization of Small industrial Parks The entity is on tract in terms of the projects which are short-term in nature, namely: revitalization of its small industrial parks such as Tweefontein and Kwaggafontein which are all above 80% complete. Premier’s Youth Development Fund (PYDF)

MEGA was assigned the responsibility of managing the disbursement; and provision of post-investment

support to the approved beneficiaries of the Premier Youth Development Fund (PYDF). Through the PYDF, it is envisaged that the participation of young people in the provincial mainstream economy will be increased

and the government’s objective of broadening economic empowerment among historically disadvantaged individuals will be advanced. The entity managed to disburse R82.4 million in the 2023/24 financial year against the planned target of R 80 million. This overachievement was due to

disbursements made within the year under review on grants approved in the previous financial year.

Redevelopment / Revitalisation of MEGAs Property Portfolio Kabokweni Shopping Center

Kabokweni shopping centre tenants have been given until the end of June 2024 to vacate the building in readiness for demolishing of the existing structures.

Amount

spent by

the public entity

5.1 Transfer payments to public entities Name of Public Entity Key Outputs of the public entity Amount transferred to the public entity Mpumalanga Economic Growth Agency

Provide funding in respect of property development including the granting of housing loans as well as in respect of approved enterprise and agricultural development

focusing primarily on previously disadvantaged individuals within the Province; Deliver massive infrastructure, focusing on

project management, property development and management of immovable property

Promote foreign trade and investment so as to ensure enterprise and agricultural development that will significantly contribute to economic growth and development within the Province, with specific emphasis on Black Economic Empowerment;

Progressively increase own revenue generation and collection; and

Building a capable, ethical and developmental state.

5. TRANSFER PAYMENTS

99