USE-IT is pleased to announce that we are in the process of securing R2.1 million in annual funding from eThekwini Municipality for the next three years. USE-IT’s budget was approved by the Economic Development Committee earlier this month. However, this still requires sign off from the Executive Committee and Full Council.
USE-IT is very grateful for the funding received which will cover its operational expenses over the next three years. Since its inception in July 2009, for every rand in funding received from eThekwini Municipality, USE-IT has saved the city R2.74 in landfill diversion, and leveraged a further R3.03 for project development from the public sector and an additional R7.06 from the private sector. In effect, this gives USE-IT a gearing ratio of almost 13 to 1, which translates to a 1300% return on investment for eThekwini Municipality. In addition to the financial benefits, USE-IT has also added value by creating thousands of jobs and generating environmental and social benefits.
USE-IT is currently investigating different business models and funding avenues to secure additional funding for project development. In order to fulfil its mandated deliverables to unlock the value of waste beneficiation in eThekwini Municipality as per their accepted business plan, USE-IT will need to secure R6 million in funding from outside entities over the next three years.
“Given our successful track record, we are confident that USE-IT will be able to leverage the additional funding required through our extended network of partners and associates in the corporate sector. This funding will be used to expand our internal capacity and will be invested in a number of local waste beneficiation projects, which will in turn create thousands of jobs over the next three years,” said Chris Whyte, Director of USE-IT.