ICYMI: Subvention Fund Guide
Event Africa Contributor 31/05/2018 Industry Association News
This year saw the launch of the R90-million Subvention Fund at Meetings Africa. Kim Crowie explores who is eligible, how to apply and what the finer details are behind this milestone funding administered by the SANCB.
At Meetings Africa last year, Tourism Minister Derek Hanekom announced a new bidding fund approved by the National Treasury. This Subvention Fund has allocated R90-million for the next three years. This is part of the government’s R494-million budget allocation to promote tourism over the next three years, and has already assisted a number of individuals in their bids to bring international and continental association meetings to South Africa.
According to Amanda Kotze-Nhlapo, Chief Convention Bureau Officer at the South Africa National Convention Bureau (SANCB), the organisation administering the Subvention Fund, says that they only provide support and bid funding to the six key industries as outlined in the National Development Plan 2030. “It focuses also mostly on the potential of these association meetings for economic development for investment potential for education. Of course, also the normal direct economic impact of the people that are coming, but the association meetings that we bid for are mostly to align to the economic sectors that can be involved in job creation and growth in those specific sectors from an economic perspective.”
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