The Mpumalanga Economic Growth Agency was formed in terms of the MEGA Act (Act No. 4 of 2005) through a merger of the Mpumalanga Economic Empowerment Corporation and Mpumalanga Investment Initiative. The Act was promulgated in phases to facilitate a smooth transition to the new legal entity. MEGA became fully operational, and commenced its business activities, on April 1st, 2006. MEGA is accountable to the Mpumalanga Department of Economic Development and Planning.
In terms of Section 3(1) of the Act, the legal mandate of MEGA incorporates the following broad objectives:
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To promote trade and investment to support enterprise development;
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To provide funding in respect of approved enterprise development focusing on HDIs within the province; and
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To focus on project management, development and management of immovable property.
In addition to the Act, MEGA is bound by a range of acts and national regulations including, but not exclusive to, the Public Finance Management Act of 1999 (Act No. 1 of 1999), as amended.
MEGA is a Schedule III entity governed by a duly elected Board of Directors, acting as the Accounting Authority, in terms of Section 5(1) of the Act, and as contemplated in Section 49(2)(a) of the PFMA.