(1) In 2016, the Department entrusted National Empowerment Fund (NEF) through a tender process to manage Venture Capital Fund (VCF) for a period of 3 years (2016/17 -2018/19) to the amount of R100 000 000.00 (One Hundred Million Rand Only) therefore the amount allocated was not 175 million.
(2)
(a). Yes, NEF was granted the project management role through Supply-Chain Management (SCM) processes.
(b). The tender was signed for a period of three years as indicated above.
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