Chapter 11 · The capital stack

Where every Rand of skills investment comes from — and how it cascades

Behind the SETAs sit Treasury, the multilaterals, the development finance institutions, the pension funds, and the corporate balance sheets. This chapter maps that capital and the causal chain it sets in motion.

Aggregated by category

Six investor types, one pipeline

Government — Treasury

R14B

4 instruments · R6B disbursed

39% disbursement

Government — SETA

R5B

7 instruments · R3B disbursed

64% disbursement

Corporate — Mining (SLP)

R4B

1 instruments · R3B disbursed

67% disbursement

Corporate — ESD/B-BBEE

R2B

1 instruments · R1B disbursed

64% disbursement

Corporate — CSI

R1B

1 instruments · R850M disbursed

63% disbursement

DFI — Domestic

R960M

2 instruments · R470M disbursed

49% disbursement

DFI — International

R630M

2 instruments · R340M disbursed

54% disbursement

Philanthropic

R275M

2 instruments · R187M disbursed

68% disbursement

fact_investment_flows

Every instrument on the books

Investor	Category	Instrument	Geo	Allocated	Committed	Disbursed	Leverage	Ratio	Industry	Outcome
National Skills Fund (NSF)	Government — Treasury	Project grant	National	R2B	R2B	R1B	R180M	1.16x	Multi-sector	Training + placement
Jobs Fund	Government — Treasury	Outcome-linked grant	National	R1B	R980M	R720M	R540M	1.75x	Multi-sector	Placement + retention
Infrastructure Fund (PICC)	Government — Treasury	Concessional finance	National	R9B	R5B	R2B	R220M	1.10x	Construction / Utilities	Project + embedded training
Presidential Employment Stimulus (PESP)	Government — Treasury	Direct wage subsidy	National	R3B	R2B	R2B	R0M	1.00x	Multi-sector	Direct employment
CETA (Construction)	Government — SETA	Skills levy grant	National	R820M	R690M	R510M	R185M	1.36x	Construction	Training
EWSETA (Energy/Water)	Government — SETA	Skills levy grant	National	R610M	R520M	R390M	R98M	1.25x	Electricity/Water	Training
MERSETA (Manufacturing)	Government — SETA	Skills levy grant	National	R980M	R820M	R620M	R210M	1.34x	Manufacturing	Training
MQA (Mining)	Government — SETA	Skills levy grant	NW/LP/MP/KZN	R640M	R560M	R430M	R0M	1.00x	Mining	Training + ARPL
MICT SETA (ICT)	Government — SETA	Skills levy grant	National	R420M	R360M	R270M	R55M	1.20x	ICT / Telecoms	Training
LGSETA (Local Govt)	Government — SETA	Skills levy grant	National	R380M	R310M	R230M	R0M	1.00x	Municipal services	Training
Other SETAs (14 combined)	Government — SETA	Skills levy grant	National	R950M	R780M	R600M	R72M	1.12x	Multi-sector	Training
Mining SLP Commitments (aggregate)	Corporate — Mining (SLP)	Social & Labour Plan obligation	NW/LP/MP	R4B	R4B	R3B	R0M	1.00x	Mining/Construction	Training + ESD
dtic ESD / Enterprise & Supplier Dev	Corporate — ESD/B-BBEE	ESD incentive + YES	National	R2B	R1B	R1B	R980M	1.88x	Multi-sector	Employment + supplier dev
Corporate CSI (aggregate — JSE listed)	Corporate — CSI	Grant + program	National	R1B	R1B	R850M	R0M	1.00x	Multi-sector	Training + community
DBSA Skills Dev Lending	DFI — Domestic	Concessional loan	National	R680M	R520M	R310M	R120M	1.39x	Construction / Energy	Training embedded in projects
IDC — Human Capital	DFI — Domestic	Equity + grant	National	R280M	R220M	R160M	R0M	1.00x	Manufacturing / Mining	Business + skills
EU / German Dev (GIZ)	DFI — International	Technical assistance grant	National	R180M	R160M	R130M	R0M	1.00x	Renewable energy / skills	Training + institutional
World Bank (SADP)	DFI — International	Project lending	National	R450M	R380M	R210M	R0M	1.00x	Education / skills system	System strengthening
Jobs Boost Outcomes Fund (Harambee)	Philanthropic	Outcome payment	GP/WC	R180M	R150M	R105M	R42M	1.40x	Multi-sector	3m + 6m sustained employment
Harambee Youth Employment Accel.	Philanthropic	Matching + brokerage	GP/WC/KZN	R95M	R88M	R82M	R0M	1.00x	Multi-sector	Placement (youth 18-34)