Foreign capital inflows (FCI) play an important role in the economic development of the recipient country as they fund investments and promote growth. However, the size and composition of such inflows are determined on the basis of country specific requirements. The study investigates the impact of capital inflows on the economy of Kenya at a time when the government implemented economic reform measures to stabilize the economy and restore sustainable growth. More specifically, the study examines the impact of foreign capital flows remittances such as overseas workers remittance, official development aid, and external debt, on selected macro-economic variables using monthly time series data and a single-equation empirical approach. The study findings reveal that some forms of FCI are not influenced by the macro economic variables in the country but by other factors such as political stability and policy variables.

Trust law has hindered beneficiaries from exerting their voice in the administration of their funds. Yet, individuals do have opinions on how they want their funds to be invested and wish to direct the investments to align with their values. For a majority of individuals, this influence is mainly through their retirement fund investments. However, trust law means that the ultimate power to decide on the investment process rests in the hands of trustees to act on behalf of all beneficiaries. And trustees also further delegate most investment decisions to the investment managers. The findings of this research, as other researchers have also found, suggests that individuals who have some knowledge of SRI show a greater willingness to invest in sustainable funds. It also suggests that after choosing the type of funds that they wish to invest in, individuals place a lot of trust in their trustees to act in their best interests by investing responsibly. The research explores the various dynamics that are at play that explain individual behaviour and attitudes towards financial planning with regards to their retirement investments. The implications of my findings may have relevance in understanding what drives individuals to become active in the investment arena and may serve as a harbinger to changes in fiduciary relationships as we know them. Further research can be done in this area that will assist policy makers to consider regulation changes that could lead to the greater inclusion of final beneficiaries in the investment management process.

Thesis (MDF)--University of Stellenbosch, 2011. / In 2003, the then president of the Republic of South Africa, Mr Thabo Mbeki, alluded to the dual nature of the South African economy which, on the one hand, is well developed with sound macroeconomic management, while, on the other hand, it has characteristics of an underdeveloped Third World economy. The province of Limpopo is no exception to this anomalous economic phenomenon. It can be argued that, due to its preponderant rural character, the dual economy phenomenon is more pronounced in Limpopo than in other parts of the country. According to the government’s Integrated Strategy on the Promotion of Entrepreneurship and Small Enterprises, “the promotion of entrepreneurship and small businesses remains an important priority of the government of South Africa” (Department of Trade and Industry, 2005: 3). In line with this strategy, the government has committed itself to ensuring that small businesses increase their contribution to economic growth and job creation. To realise this goal, the government has taken measures to ensure that small business development becomes a key policy focus. In South Africa, the importance of developing small, medium and micro-enterprises (SMMEs) becomes even more critical for the achievement of social stability by creating jobs to solve the high unemployment rate. Apart from their contribution to job creation and economic growth, SMMEs can play a significant role in the economy of the country by introducing new innovative products and services, thereby improving the quality of life of the people. The challenge facing the province of Limpopo and indeed South Africa as a whole is how to effectively mobilise small enterprise support agencies to help in developing sustainable SMMEs that can contribute meaningfully to economic growth and development. The provincial government looks upon the support agencies to implement its SMME support strategy. This study provides a critical review of all the relevant institutions, agencies and programmes – operational at national, provincial, district and local level – which try to address support needs of small, medium and micro-enterprises. Many of these efforts are effective and reach significant numbers of small enterprises, yet many of the initiatives fail or remain ineffective. In many areas local staff is too limited to implement programmes or just to effectively publicise available support programmes. In a brief comparative section, we try to show that South Africa’s problems with inadequate SMMEsupport are far from unique. We are part of worldwide concern about practical steps to expand, strengthen and streamline SMME-support – and Limpopo is part of that challenge.

Thesis (MDF)--University of Stellenbosch, 2010. / The constraints that impede the growth of smallholder farmers have been attributed to lack of access to markets and technical expertise. This has led to mainstream banks classifying smallholder farmers as high risk and therefore unwilling to finance smallholder farmers. Contract farming has developed as a model that may be able to link smallholder farmers with agribusinesses who have the expertise and have built marketing channels that can be utilised by the smallholder farmers. Despite its potential to bring smallholder farmers into the mainstream agriculture industry, literature on contract farming has indicated that contract farming can be skewed in favour of the agribusiness due to their superior bargaining power and information asymmetry in favour of the agribusiness. This study examines the Industrial Development Corporation (IDC)’s Kat River Development Scheme to finance nine farmers through a contract farming arrangement with Riverside (Pty) Ltd. More particularly, the study examines how this financing model contributes to improved access to finance, markets and technical expertise for the farmers. It also examines how the arrangement contributes to reducing the risk of financing smallholder farmers for IDC. The empirical analysis indicates that, despite the fact that the farmers are able to obtain access to finance, market and technical expertise, the ability for the scheme to meet its objectives in the long term is dependent on improving transparency between the agribusiness and the farmers, providing appropriate incentives for the farmers to apply the required effort and the farmers buying into the long term strategic aim (or “big picture”) of the scheme.

Thesis (MDF)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The need for economic development is a pressing reality for many developing countries. Developing cities with a high urbanisation rate in water-scarce regions face tougher conditions in meeting their development targets according to the Millennium Development Goals (MDGs). Creating a balance between water scarcity and the need for economic development is of the utmost importance if such regions are to grow. The City of Windhoek experienced this firsthand when Ramatex Textile was introduced. The Government of Namibia did everything in its power to secure Ramatex’s operation in Windhoek. Windhoek, however, is known for being a water-scarce area. This created competition amongst the different water users, and future establishments of such water-intensive factories became questionable. This research report studies the extreme case of Ramatex’s establishment and gives guidelines on future handling of such water-intensive establishments. The study also gives an example of how to make decisions using Multicriteria Decision Making tools, specifically the Analytical Hierarchy Process method using Ramatex’s information. The judgement values given in the MCDM process are fictitious and do not represent the true views of any of the stakeholders. The process was only conducted to demonstrate that such tools can be used to aid decision making. Surveys and workshops need to be conducted to solicit the true reflections of the stakeholders involved in any envisaged development projects. / AFRIKAANSE OPSOMMING: Die behoefte aan ekonomiese ontwikkeling is vir baie ontwikkelende lande ’n neerdrukkende realiteit. Ontwikkelende stede met ’n hoë verstedelikingskoers wat in waterskaars landstreke geleë is, kom voor groot uitdagings te staan om hul ekonomiese ontwikkelingsdoelwitte volgens die Millennium-ontwikkelingsdoelstellings te bereik. Die daarstelling van ’n balans tussen waterskaarste en die behoefte aan ekonomiese groei is van kardinale belang indien sulke stede wil groei. Windhoek, die hoofstad van Namibië het eerstehandse ondervinding hierin opgedoen met die opening van die Ramatex-tekstielfabriek. Die regering van Namibië het alles binne sy vermoë gedoen om die tekstielfabriek se bedrywighede in Windhoek te beskerm. Windhoek is egter bekend vir sy waterskaarste, wat tot mededinging tussen die verskillende waterverbruikers gelei het, en ook daartoe aanleiding gegee het dat toekomstige waterintensiewe ondernemings bevraagteken is. Hierdie navorsingsverslag ondersoek die besluit vir die oprigting van die Ramatex-tekstielfabriek en gee riglyne vir die toekomstige hantering van soortgelyke waterintensiewe ondernemings. Die studie gee ook ’n voorbeeld van die gebruik van multikriteria-besluitnemingsinstrumente om besluite te neem, met spesifieke verwysing na die analitiese hiërargieproses deur die gebruik van inligting aangaande Ramatex. Die beoordelende waardes in die multikriteriabesluitnemingsproses is denkbeeldig en verteenwoordig nie die ware standpunte van enige van die belanghebbendes nie. Die proses is bloot uitgevoer om aan te toon dat soortgelyke instrumente in toekomstige besluitneming gebruik kan word. Opnames en werksessies moet gehou word ten einde te verseker dat alle belanghebbendes se insette en menings aangaande toekomstige ontwikkelingsprojekte in ag geneem word.

Thesis (MDF (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: The risk of operating in a foreign investment climate is a subject of interest to most investors looking for opportunities to expand their international footprint. There are many organisations that provide risk assessments of the levels of threat of specific risks in foreign countries. However, most focus on political or what is commonly known as country risk or they provide a summary of ranking providing a comparison of different countries’ investment climate attractiveness. The make-up of the variables used in coming up with the ranking or a view on a particular country do not usually provide a level of detail that allows an analyst to understand the qualitative issues that give a country a particular rating assessment or ranking. This research has tried to address this gap by coming up with a detailed qualitative model that provides understanding of the key sources of information required for each major category of risk. The research also attempts to integrate as many aspects of the business environment that could affect a country. A particular case of Malawi has been chosen to demonstrate the level detail and understanding the investors need to reach before making a decision on whether to invest in a country. The research focuses on three major areas. The first is to provide a good understanding of what is currently available for analysts to use in determining risk factors of a particular environment or risk category. The second is to illustrate the uses and limitations of the options available in the form of assessment reports or assessment models. The third is to develop a model and demonstrate its use in the context of Malawi’s investment climate. / AFRIKAANSE OPSOMMING: Die meeste van die beleggers op soek na geleenthede om hul internasionale voetspoor uit te brei, stel ook in die risiko belang wat besigheid in ’n buitelandse beleggingsklimaat inhou. Talle organisasies verskaf risiko-assesserings van die bedreigingsvlakke van spesifieke risiko’s in die buiteland. Die meeste van hulle kyk egter na politieke of landspesifieke risiko’s of hulle verskaf ’n opsomming waarin die ranglysposisies van die aanloklikheid van verskillende lande se beleggingsklimate vergelyk word. Die samestelling van die veranderlikes in hierdie ranglysposisies of oorsig van ’n spesifieke land verskaf gewoonlik nie voldoende detail aan die ontleder om die kwalitatiewe kwessies te verstaan wat aan ’n land ’n spesifieke assessering of ranglysposisie gee nie. Hierdie navorsing fokus op hierdie gaping deur ’n breedvoerige kwalitatiewe model te verskaf vir ’n beter begrip van die vernaamste inligtingsbronne wat vir elke groot risikokategorie vereis word. Hierdie navorsing poog ook om soveel aspekte van die sakeomgewing te integreer wat ’n land kan beïnvloed. Die spesifieke geval van Malawi is gekies om die vlak van detail en begrip te demonstreer wat beleggers nodig het voordat hulle ’n beleggingsbesluit ten opsigte van ’n land kan neem. Die navorsing lê op drie belangrike areas klem. Die eerste is om ’n goeie begrip te bied van die inligting wat tans aan ontleders beskikbaar is om die risikofaktore van ’n spesifieke omgewing of risikokategorie te bepaal. Die tweede is om die gebruike en beperkings te illustreer van die opsies wat in die vorm van assesseringsverslae of assesseringsmodelle beskikbaar is. Die derde is om ’n model te ontwikkel en die gebruik daarvan in die konteks van Malawi se beleggingsklimaat te demonstreer.

Thesis (MDF)--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: The main purpose of this study was to develop a methodology to evaluate business plans which support governmental grants to emerging farmers in the Winelands area of the Western Cape. The study focuses primarily on two types of emerging farmer groups namely (i) farm equity groups and (ii) individual farmers (less than 10 members per farm). Empowering disadvantaged people is exceedingly complex, therefore it is of paramount importance to compile a detailed and comprehensive business plan based on a proper feasibility study. If a project is not feasible on paper it will rarely succeed in practice. Four LRAD business plans per group were evaluated and have been scored against a contents list, which was compiled from an ideal farm business plan. This was followed up with a questionnaire to evaluate the current situation on the farms and to test the understanding of the business plan and its elements with the beneficiaries. There is a clear distinction in the quality of business plans between the equity scheme land reform models and individual farmer’s business plans. The quality of the equity farmer’s business plan was in most cases around 25 percent better compared to those of the individual farmers. The result of the study shows that there is a direct link between the quality of the business plan and the sustainability of the projects. Lower scored individual farmer projects under review, struggle to stay afloat with a weak cash flow as their main drawback. On the other hand the better scored equity scheme projects are much more sustainable; however more focus needs to be placed on developing the shareholders in the understanding of the financial side and land ownership principals. The author is of the opinion that only feasible projects must receive grant funding and this should be supported by good mentorship policies from government. South Africa can no longer afford “social business plans” in the land reform process; there is a need for sound farm business plans as a very important first step to feasible and sustainable farming ventures. The methodology developed in this study could become a valuable tool for government departments for directly measuring the quality of business plans and thereby indirectly the feasibility of land reform projects. / AFRIKAANSE OPSOMMING: Die hoofdoel van hierdie studie was om 'n metodiek te ontwikkel waarmee plaas besigheidsplanne geёalueer kan word vir die aansoek van skenkings (“grant”) fondse vir opkomende boere in die Kaapse Wynlandarea. Die studie fokus hoofsaaklik op twee tipes groepe, naamlik (i) plaas aandele skema groepe en (ii) individuele boere (minder as 10 lede per plaas). Die bemagtiging van opkomende boere is baie kompleks, daarom is dit baie belangrik om 'n gedetailleerde en omvattende besigheidsplan, gegrond op' n behoorlike ondersoek na die haalbaarheid, daar te stel. As 'n projek op papier nie haalbaar is nie, gaan dit nie sommer suksesvol wees in die praktyk nie. Vier LRAD besigheidsplanne per groep is geëvalueer teen 'n inhoudslys wat vanaf ‘n ideale plaas besigheidsplan saamgestel is. Dit is opgevolg met 'n vraelys om die huidige situasie op die plase te evalueer en die begrip van die besigheidsplan en sy elemente te toets. ‘n Duidelike kwaliteits verskil kan gesien word tussen die aandeel skema boere -en individuele boere se besigheidsplanne. Die gehalte van die aandeel skema boere se planne was in die meeste gevalle ongeveer 25 persent beter as dié van die individuele boere. Die studie kan 'n direkte lyn trek tussen die besigheidsplan inligting en die volhoubaarheid van die projekte. Die individuele boere- projekte onder oorsig sukkel om kop bo water te hou met 'n swak kontantvloei as hulle belangrikste nadeel. Aan die ander kant, is die aandeleskema projekte baie meer volhoubaar, maar meer fokus moet geplaas word op die ontwikkeling van die aandeelhouers se begrip van die finansiële kant van die boerdery asook eienaarskap op die plaas. Die tyd het aangebreek dat slegs haalbare projekte befonds moet word en dat die regering hierdie projekte moet ondersteun met goeie mentorskap beleid. Daar is nie meer plek vir "sosiale besigheids planne" in die Suid-Afrikaanse grondhervormingsproses nie. Goeie werkbare plaas besigheidsplanne is nodig as 'n baie belangrike eerste stap om volhoubare boerdery ondernemings daar te stel. Hierdie studie is 'n waardevolle hulpmiddel in die regering se hand vir die evaluering van besigheidsplanne van grondhervormings projekte.

Thesis (MDF (Development Finance))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Mozambique managed to attract a lot of foreign direct investment despite it being one of the poorest countries in the world and after it has been through a devastating 17 year civil war. GOP per capita in 1995 was about US$ 144 which was one of the lowest in the world. The country was faced with enormous challenges and risks in terms of both country and political risk. Major risks were associated with investment in that country because of prolonged civil war with no record of macro-economic stability. Despite these huge challenges, Mozambique managed to attract a lot of investment with Mozal 1 being the first big project post civil war. This paper analyses and quantifies where Mozambique was before and after mega projects. This is done by looking at where Mozambique was before Mozal 1 being the first mega project in the country post civil war. The analysis is in terms of political risk as it relates to cross border transactions with specific reference to a number of political risk indicators as suggested by Brink (2004) that prevailed and how the projects were structured to minimize risk. A political risk rating is developed for 1995 and 2005 using the Brink model to check if the project did improve the country's economic health. / AFRIKAANSE OPSOMMING: Mosambiek het daarin geslaag om grootskaalse direkte buitelandse investering te lok ten spyte van sy status as een van die wereld se armste lande en die verwoestende burgeroorlog wat 17 jaar geduur het. Die BBP per capita was ongeveer US$ 144 in 1995, wat dit een van die laagstes in die wereld gemaak het. Die land het enorme uitdagings en risiko's in die gesig gestaar in terme van die land en die politiek. Die hoofrisiko's het met investering verband gehou vanwee die langdurige burgeroorlog en geen makro-ekonomiese stabiliteit in die land se verlede nie. Ondanks hierdie reuse uitdagings het Mosambiek daarin geslaag om baie investering te lok, waarvan Mozal 1 die eerste megaprojek na die burgeroorlog was. Hierdie tesis analiseer en kwantifiseer Mosambiek se posisie voor en na megaprojekte. Dit is gedoen deur te kyk na hoe Mosambiek daar uitgesien het voor Mozal 1. Die analise is in terme van die verband tussen politieke risiko en oorgrenstransaksies gedoen. Daar word spesifiek verwys na 'n aantal aanwysers van politieke risiko, soos voorgestel deur Brink (2004), wat geheers het en hoe projekte gestruktureer is om risiko te verminder. 'n Gradering van politieke risiko is vir 1995 en 2005 aan die hand van Brink se model ontwikkel om te kontroleer of die projek die land se ekonomiese gesondheid verbeter het.

Thesis (MDF)--University of Stellenbosch, 2010. / This study is an evaluation of the feasibility of utilising project finance in a Public Private Partnership model (as one of a number of possible private public partnership models) in order to deliver social housing in the South African market by evaluating the social housing regulatory environment against the commercial requirements for implementing project finance based PPP‘s, and indentifying gaps that are acting as stumbling blocks to the mobilisation of private sector resources in this sector. The study also looked at the social housing policy and the various private public partnership procurement models currently in use in the United Kingdom, with a view to highlight best practise and lessons which could be applied within the local environment. The broader South African procurement policy environment caters for the private sector delivery of infrastructure, with a number of deals having been delivered since the late 1990‘s. The Social Housing Policy does make provision for the Minister to make pronouncement on procurement models to be used, and does foresee some form of partnership between the public and private sector in delivering affordable housing (this is also supported by policies such the Inclusionary Housing Policy). The current policy environment however does not go far enough in addressing commercial requirements, such as guarantees for rental payments, and performance monitoring instruments, such as housing inspectorates, to facilitate the implementation of housing PPP‘s. 138 pages.

Thesis (MDF (Development Finance))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Infrastructure has been hailed as a fundamental link between markets and other development sectors of the economy. For over a long time the delivery of infrastructure in Africa has been the domain of the public sector. However, because of the continued budgetary constraints, most governments are seeking the support of the private sector in the delivery of infrastructure. Recent studies have, however, revealed that private participation in infrastructure delivery is very low in Africa. The research noted that certain obstacles at macro level of the economy are responsible for the low private participation in infrastructure delivery. It is, therefore, important that we assess the methodologies that have been used to attract private sector participation in infrastructure delivery in Africa. One method that is gaining popularity in the developing world is the use of project finance. The research study sought to achieve two objectives. The first was to discover whether governance played a significant role in attracting foreign lenders to use project finance in the delivery of infrastructure in Africa. The second objective was to find out, given that governance does matter, which of the governance indicators were important and what their relationship was with loan syndication. The study adopted a quantitative approach using six governance indicators as independent variables. The governance indicators are compiled by a team at the World Bank and these governance indicators are available on the World Bank database. Loan tranches were used as observations for the dependent variable with the data for the tranches originating from loans that were advanced under project finance across Africa covering the period between 1996 and 2006. The multiple regression model also incorporated certain control variables the data for which were collected from various sources. Findings from the research study revealed that governance does matter and is positively related to loan syndication in project finance structures. It was revealed that all six governance indicators exerted a positive influence on loan syndication. The results also revealed that political instability and violence, and control of corruption were statistically insignificant. In addition it was found that rule of law exerted the most positive influence on the composition of loan syndication in project finance structures. / AFRIKAANSE OPSOMMING: Infrastruktuur is al aangeprys as ‘n fundamentele skakel tussen markte en ander ontwikkelingsektore in die ekonomie. Die voorsiening van infrastruktuur in Afrika figureer lank reeds in die openbare sektor, maar as gevolg van die volgehoue begrotingsbeperkinge soek die meeste owerhede die steun van die privaatsektor wat betref die voorsiening van infrastruktuur. Onlangse studies het egter bevind dat private deelname in die aflewering van infrastuktuur in Afrika baie laag is. Die navorsing het aan die lig gebring dat daar sekere struikelblokke op die makrovlak van die ekonomie is wat verantwoordelik is vir die geringe privaat deelname in die voorsiening van infrastruktuur. Derhalwe is dit belangrik om die metodologieë wat gebruik is om privaatsektordeelname ten opsigte van infrastruktuurvoorsiening in Afrika te beoordeel. Een metode wat gewild raak in die Derde Wêreld, is die gebruik van projekfinansiering. Hierdie navorsingstudie probeer om twee doelwitte te bereik. Die eerste doelwit is om uit te vind of staatsbestuur ‘n betekenisvolle rol speel om buitelandse kredietverskaffers te lok om projekfinansiering vir infrastruktuuraflewering in Afrika te gebruik. Die tweede doelwit is om, gegewe staatsbestuur se belangrikheid, te bepaal watter van die staatsbestuuraanwysers belangrik is en wat hul verband met leningsindikasie is. Die studie het ‘n kwantitatiewe benadering gevolg en het ses staatsbestuuraanwysers gebruik as onafhanklike veranderlikes. Die staatsbestuuraanwyser is deur ‘n span van die Wêreldbank opgestel en die staatsbestuuraanwyswers is beskikbaar op die Wêreldbank se databasis. Leningdeel is gebruik as waarnemings vir die afhanklike veranderlike, en die data vir die leningdeel is afkomstig van lenings wat toegestaan is onder projekfinansiering dwarsoor Afrika vir die periode 1996 tot 2006. Die meervoudigeregressiemodel het ook sekere kontroleveranderlikes behels, en die data daarvoor is vanuit verskeie bronne ingewin. Die navorsingstudiebevindinge het aan die lig gebring dat staatsbestuur ter sake is en positief aansluit by die leningsindikasie in projekfinansieringstrukture. Dit het aan die lig gekom dat al ses staatsregeringsaanwysers ‘n positiewe invloed op leningsindikasie uitoefen. Die bevindinge het ook daarop gedui dat politieke onstabiliteit en geweld, en korrupsiebeheer statisties onbeduidend is. Daar is ook bevind dat die oppergesag van die reg die mees positiewe invloed op die samestelling van leningsindikasie in projekfinansieringstruksture uitoefen.