DEVELOPMENT: City To Release Wesgro Funding
Recent Western Cape Business News
After a productive meeting held last week between the Chairperson of Wesgro, Xoliswa Motswai, a delegation of Wesgro’s board and Mayoral Committee member for Economic and Social Development, Councillor Ian Nielson, the City of Cape Town informed the agency of its decision to release funding. The parties are in discussion to affirm the finalisation of the signing of a Memorandum of Understanding.
Concluding a candid discussion on goals and objectives, where Wesgro discussed their performance as well as a plan of action for their strategy going forward, the City of Cape Town committed to funding the Agency for the 2008/2009 financial year.
“We are very grateful for the conciliatory engagement with the City of Cape Town. Wesgro remains committed to fulfilling its mandate to attract investment into Cape Town and the Western Cape and to provide market access opportunities to exporters.”, said Motswai.
Angelo Manzoni, CEO of Wesgro is buoyed by the results of Wesgro’s committed investment into Cape Town and the Western Cape. “The agency achieved committed investments of R9.32 billion against a target of R6.8 billion over the last 5 years starting in the financial year 2004/2005. The year-to-date figure stands at R3.18 billion against a target R981 million for the current financial year. The support from the City and the Province has enabled Wesgro to achieve its success.” , concluded Manzoni.
The City of Cape Town is currently undertaking a review process of Wesgro. The board of directors and management have expressed their willingness to participate and co-operate.
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