The grant - which has been allocated from the International Fund for Cultural Diversity - comes out of an application made by Business and Arts South Africa together with the Department of Arts and Culture's International Relations division.
The application was approved at the fourth session of UNESCO's Intergovernmental Committee for the Protection and Promotion of the Diversity of Cultural Expressions which took place in Paris between November 29th and December 3rd 2010.
It will fund a specially formulated research project aimed at establishing and developing a formal funding map and a best practice policy document for corporate funders within the arts sector.
"We are thrilled with the decision by UNESCO to fund this research project and I must also thank the DAC for their ongoing support in the application," comments Michelle Constant, Business and Arts South Africa CEO.
"Over the past few years it has become increasingly clear that the arts and culture sector as well as business urgently need well-planned and expertly undertaken research in the area of funding. We are confident that the UNESCO-funded project will have a long-term positive impact on the area of business funding for arts and culture projects in South Africa," Constant says.
Among the areas to be covered by the research project are the funding needs of the South African Arts and Culture sectors; how the latter can access - and unlock - funding and available resources as well as an examination of the framework and key areas considered when business and or public sector partners allocate funding to the arts.
Adds Constant, "The global objective of this research project will be to inform the Arts and Culture sector; strategically propose recommendations to guide and enhance funding access; and strengthen the understanding and operations of the arts sector to ensure better funding and business partnerships.
"In short, we look forward to a comprehensive analysis of the arts and culture funding landscape, to support business in their ongoing and growing engagement with the arts in South Africa."