The government's Jobs Fund has reportedly spent R3b since its launch in 2011 to create 745 jobs at a cost of R4m a job.
The fund has been set up to spend R9b over 3 years to create 150 000 jobs, and is managed by the Development Bank of South Africa.
Fund spokesperson Brian Whittaker is quoted in Business Day as saying some 54 projects have so far been approved, but only 27 have been allocated to contractors for implementation.
He says once all projects have been implemented, 65 000 jobs will be created.