The government has lowered the criteria to access the Tourism Equity Fund (TEF) from 51% to 30% black ownership as part of a legal settlement.
This means, tourism companies who pass Broad-Based Black Economic Empower (BBBEE) requirements can now access the R1.2 billion fund.
On Thursday, Minister in the Presidency Khumbudzo Ntshavheni announced that the Cabinet had been updated on a settlement between the government and AfriForum and Solidarity that would see the Tourism Equity Fund implement existing BBBEE requirements.