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The Graskop Gorge Lift Company in Mpumalanga, South Africa, is being given a further boost of R5 million (€300 000) by the Tourism Transformation Fund, which is set to jump-start further development in the popular Panorama Route.
“We are proud to announce that this project will receive R5m funding for its next development phase through the Tourism Transformation Fund of the Department of Tourism,” commented South Africa’s Minister of Tourism, Derek Hanekom, who announced the funding of the next development phase of the company on Friday (August 24).
The investment is part of the R120 million (€7.2m) Fund established by the Tourism Department, which is dedicated to capital investment mechanisms that support black investors and communities to develop and expand tourism-related projects.
“The Graskop Gorge Lift Centre will work as a node to stimulate further development in the Panorama Route. This project therefore fits in neatly with the department’s destination plans, which focus on precincts and nodes development. By clustering several attractions together, they can feed off each other and grow together to make South Africa a more competitive destination,” added Hanekom.
In addition to the Graskop Gorge Lift Company, Tala Collections Private Game Reserve in KwaZulu Natal will receive R3.6 million (€217 000) funding.
The Minister also announced that the application window of the Tourism Transformation Fund had been extended to November 30.
The fund is administered by the National Empowerment Fund (NEF) on behalf of the Department of Tourism. It aims to reduce funding gaps between the investor’s own contribution and the approved loan/equity contribution by the NEF.
Funding is capped at a maximum of R5m for each successful applicant.
Applicants are encouraged to submit their application forms and supporting documents directly to the NEF, who will comb through the applications for their commercial viability. To date, the NEF has received 49 formal applications for the funding. These are being adjudicated.
Source: tourismupdate.co.za
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