October 11, 2004
By Tammy O'Reilly
THE City of Johannesburg is to receive R5-million from a trust fund set up by black economic empowerment company Peu Investments.
A memorandum of agreement between the City and Peu Investments was signed under the watchful eye of Parks Tau, the councillor responsible for the City's Finance and Economic Development Unit.
In terms of the memorandum it was agreed that the funds would be injected into the establishment of an empowerment zone in Soweto that will see business and facilities in that area uplifted.
"For example," said Lael Bethlehem, director of the Economic Development Unit, "the City buys lots of things each year - like uniforms. Now in that area, if there is anyone who manufactures uniforms the City of Johannesburg will give that business preference when deciding who to buy these uniforms from."
Peu Investments is an investment holding company with an interest in financial services, automotive and fleet lease management and information technology. The company has investments in a number of sectors in the economy and has set up a trust that makes contributions to development in the country.
The Johannesburg Development Agency will spearhead developments.
"It is still early days but we are fast-tracking development," said Zakes Myeza, director of finance at the JDA. According to Myeza, the JDA was looking at a variety of options in order to prioritise the different projects.
Executive chairman and founder of Peu Investments, Peter Malungani, said the response from everyone involved had been overwhelming.
"Of the number of people I have spoken to, from banks to advisors, we have received absolute support. From Peu's perspective we remain committed to sign and to making a contribution to bettering the lives of citizens."
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