The core aim of Socio-Economic Project Contributions is to support income generation. Therefore, any contributions must pass the income generation test at the time of an organisation’s B-BBEE Verification.
Schedule 1 of the Generic Codes of Good Practice defines Socio-Economic Project Contributions, which must be pre-approved by organs of state or a sector as:
“Socio-Economic Project Contributions means monetary or non-monetary contributions carried out for the benefit of any projects approved for this purpose by any organ of state or sectors including without limitation:
Projects focusing on environmental conservation, awareness, education and waste management; and
Projects targeting infrastructural development or reconstruction in underdeveloped areas; rural communities or geographic areas identified in the government’s integrated sustainable rural development or urban renewal programmes;
New projects promoting beneficiation.”
Socio-Economic Development Services are available to Members to assist meeting requirements under the element of Socio-Economic Development.