I will encourage the hon member to ask the leader of his party what the nature of her relationship is in that case. [Applause.]
Hon members, following public consultation, I have decided to issue a trade policy directive in terms of section 5 of the International Trade Administration Act to limit the export of scrap metal so that this resource is used in South African foundries and steel factories, saving energy, creating local jobs and promoting infrastructure development. To strengthen regional integration, manufactured exports to the rest of Africa rose by about R20 billion or 21% in this past year, now accounting for more than 90 000 jobs in South Africa.
Tomorrow, we will be hosting the World Economic Forum Africa Summit here in Cape Town, and this follows the successful Brazil, Russia, India, China and South Africa, Brics, Summit hosted by President Zuma six weeks ago, wherein we announced the establishment of a Brics-led development bank and signed a number of partnership agreements with Brics countries and investments.
Hon members, the New Growth Path calls for greater economic inclusion, through small business development and youth employment. Today, 1,6 million more young people under the age of 35 are working than in 1995, and school and university enrolments are dramatically higher, as even critics of government concede. As University of Stellenbosch research released a few weeks ago show, in less than a generation we have more than doubled the number of graduates in our labour market. Three weeks ago, we signed a Youth Employment Accord at Hector Pieterson Memorial in Soweto, in front of a 2 000-strong crowd of young people, bringing together the efforts of the public and private sectors. The Youth Employment Accord provides for a comprehensive approach, which includes incentives, commitments and action to address the problem from its starting point, inadequate skills formation. It provides for work experience through internships and, most importantly, new jobs for young people.
I would like to welcome the delegation of youth leaders led by Thulani Tshefuta and Yershin Pillay, who is in Cape Town today to attend a workshop on youth entrepreneurship and the Youth Employment Accord. Welcome to the youth team! [Applause.] To support the Youth Employment Accord, the IDC announced a R1 billion Youth Fund to provide concessional lending to youth- owned enterprises that create jobs. I am pleased to announce today that the new Small Enterprise Finance Agency, Sefa, will make R1,7 billion available, over the next five years, to youth enterprises with a target of R220 million in this financial year. [Applause.] This combined "fighting fund", if you like, of R2,7 billion is mobilised so that young people are mainstreamed into our economy. My small business advisory panel has noted the substantial resources available to small businesses through various Budget Votes, but delivery is fragmented, costly, with very little integration of funding and business support. We are beginning to address this, though our work is by no means done.
In April last year, we launched Sefa, bringing together three small business funding programmes, bedded down the institution and expanded the lending rate. Last year, Sefa approved loans worth R435 million, which is 106% higher than its predecessors did the previous year. We have now created the machinery to vastly increase access, impact and the level of small business support. By next year, Sefa plans to approve annual funding of more than R1 billion to more than 20 000 small, medium and micro enterprises, SMMEs. That is practical action to support people entering the economy.
I would like to welcome Ms Magdalena Paledi, a female entrepreneur contracted by Anglo Platinum who is here with us today. [Applause.] She is building a school in Serafa village in Sekhukhune. Her company is a beneficiary of Sefa funding. Over the next five years, Sefa plans to provide R2,3 billion for women-owned enterprises, with R295 million this year, so that women are more actively represented in the economy, but also, so that the economy can benefit from the enterprise that drive the energy of women.
We financed a training programme for 100 young people in partnership with the SA Institute of Chartered Accountants. One of the graduates is here today, Ms Thandeka Nyani, who works in the Sefa business hub as an accounting clerk supporting small business clients. I am pleased to announce that a further 170 young people will be enrolled in this programme from this year. [Applause.] We now intend to take the small business programme to our people through 18 large community roadshows, meetings in rural areas and townships, with a special focus on youth and women.
To meet the numerical targets in the Youth Employment Accord, government entities will adjust regulations and tender conditions to bring more young people into infrastructure programmes, the green economy, call centres and other business process services. Social dialogue has been stepped up. Last year, EDD provided support to the Presidency to conclude the October Social Accord that brought the strike wave in the mining sector to an end. Ministers Chabane, Shabangu and Oliphant are now driving the follow-up of this accord.
I have released a report today on the progress with the various accords on skills, the green economy, local procurement and basic education.
I would like to welcome learners from Litha Primary School who are with us today. They are benefitting from one of the social accords through the adopt-a-school pledge. [Applause.] Looking ahead, we need an accord or social agreement to address industrial relations in infrastructure programmes.
Hon members, the budget allocation for this financial year for the Economic Development Department amounts to R772 million, of which R231 million goes for small business funding; the amount of R193,8 million for the competition authorities; the amount of R79,8 million for trade administration; and R108 million to the IDC for the agroprocessing fund. The department's budget for operations and capital spending is R159 million. Hon members, the Budget Vote of EDD is a window across programmes in many different departments and all of them have helped to achieve these goals.
I would like to thank my colleagues in the economic cluster; those who work with the department in the PICC; Deputy Minister Mkhize; the director- general, Ms Jenny Schreiner, and her predecessor, Saleem Mowzer; the agencies and the heads of the Competition Commission and Itec; the Development Finance Institutions; the heads of the Industrial Development Corporation and Small Enterprise Finance Agency; and the staff of the department and the Ministry. Our work benefitted from engagements with social partners. I would like to thank the shop stewards, managers and workers who are driving economic development in the cold phase of our economy. Finally, I would like to thank my family for their support.
I now table the Economic Development Department's budget for consideration by this august House. Thank you very much. [Applause.]