Department Of Rural Development And Land Reform Funding

Department Of Rural Development And Land Reform Funding

Department Of Rural Development And Land Reform Funding, Funding is the act of providing financial resources, usually in the form of money, or other values such as effort or time, to finance a need, program, and project, usually by an organization or company.

Generally, this word is used when a firm uses its internal reserves to satisfy its necessity for cash, while the term financing is used when the firm acquires capital from external sources.

The Department of Rural Development and Land Reform, on 7 July 2015, approved multi-million rand funding for farmers to acquire land and kick start social and agricultural infrastructure upgrades on the allocated land.

Rural Development and Land Reform on Tuesday approved a total of 31 projects to the value of approximately R146-million for farm recapitalisation.
A total of 7875, 2136 hectares were acquired across all nine provinces under the Proactive Land Acquisition Strategy (PLAS). This development was expected to benefit 5108 applicants. A further amount of R58-million was spent on 13 land acquisitions.

It is estimated that 2193 permanent jobs would be created out of the farm recapitalisation funding with a further 639 temporal employment likely to be created.
“This will go a long way towards fast tracking service delivery in rural areas. We are committed to sustainable agrarian reform with a thriving farming sector,” said Rural Development and Land

Reform Minister Gugile Nkwinti in Pretoria today.
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