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RECONSTRUCTION FUND DISBURSES OVER E60M

19/05/2022 08:23:00 Mhlengi Magongo

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MBABANE – Businesses have been given a chance to rise from the damages and losses inquired during COVID-19 as well as the unrest.

The ministry of finance together with EswatiniBank has disbursed over E60 million through the Reconstruction Fund. This was mentioned by new Chairperson of the reconstruction fund Thulisile Gama in an interview yesterday. Gama said the amount disbursed to the business owners so far is E 61 243 567.73. She said, this mainly goes towards the informal sector stock compensation and refunds to businesses which are already back in business. “Currently, there are 230 applications that have been approved by the reconstruction fund Management Committee, as of May 16, 2022”, she said. The chairperson also mentioned that the value of the approved applications is E108 835 867.89. She added that they also give guarantees to the businesses which are compensated for infrastructure and capital equipment.

Quotations

“We pay to source following submissions of quotations and Bill of Quantities and the guarantees issued out to date are of the value of E47 592 300.16”, she said. Gama added that applications are still opened and business owner should apply to revive and improve their businesses. “The application forms are available at every branch of Eswatini Bank and also through the Government of Eswatini website and the Eswatini Bank Website,”she added. Vice Chairperson of the Reconstruction Fund Meluleki Dlamini said the Reconstruction Fund Management Committee has received 330 applications from affected businesses during the unrest. He said this is a concern to the Committee since this number is not reflective of the number of incidents reported to the NDMA when the unrest took place.

Applications

“The incidents reported to NDMA were more than 700. On that note we humbly request the businesses that have not come forward to submit their claims to Eswatini Bank for financial assistance to kindly do so by May 31, 2022,” he said. Dlamini also mentioned that after May 31, 2022 they will not accept any more applications. “This announcement will continue to run through our national radio station EBIS, and we have already made this same announcement through Eswatini TV,” he said. He also mentioned that the scope of the fund, spans from the June 25, 2021 to September 15, 2021.

His Majesty King Mswati III officially launched the Reconstruction Fund last year, September, with contributions amounting to approximately E1 billion. The fund is an intervention aimed at supporting all those who were affected during the civil unrest in June last year. The Fund has received E500 million start-up injection from Government. At its launch, the Fund has received a contribution from Taiwan worth E330 million as well as from a number of local businesses including EswatiniBank., Public Service Pensions Fund (PSPF), Eswatini Royal Insurance Corporation (ESRIC), Eswatini Posts and Telecommunications Corporation (EPTC), Montigny, Dalcrue & Standard Bank Eswatini.