Old Mutual and the Development Bank of South Africa (DBSA) have committed to a multi-million Rand initiative set to encourage private and public sector investment in the Eastern Cape, KwaZulu-Natal, Limpopo and North West. The project, called Hluma (meaning "grow" in Xhosa), aims to stimulate economic activity and sustainable job creation in these regions.
The project is currently active in four of the most impoverished regions in South Africa. These are the Wild Coast (Eastern Cape), Makhathini Flats (KZN), Sekhukhuni (Limpopo) and Mafikeng (North West).
The DBSA and Old Mutual have committed R250 million each over the next five years to projects that will be identified by Hluma. The two organisations have also made available an initial amount of R8 million by way of a loan to fund the working capital requirements of the agency.
The company will generate its income by charging project fees for its services.