South Africa Nears New $6.3 Billion Black Business-Support Fund

South Africa is nearing the start of a 100 billion-rand ($6.3 billion) state-linked fund to promote Black-economic empowerment that companies will bankroll.

Trade, Industry and Competition Minister Parks Tau proposed changes to so-called codes of good practice on BEE that will support the creation of a Transformation Fund to pool money that the state plans to use to support Black-owned and managed businesses, according to draft rules published Thursday. The public has 60 days to comment on the amendments.