The official opening of the IDC office in Mpumalanga. Photo: Supplied.

DURBAN – Cabinet has approved the appointment of Tshokolo Nchocho as Chief Executive of the IDC on a five-year contract. 

The Industrial Development Corporation is the country’s largest development finance institution.

Nchocho has both academic qualifications and extensive experience in development finance and banking. 

He holds a BCom degree from the then University of the North (now University of Limpopo), a Master of Business Leadership from UNISA and a Master’s degree in Development Finance from the University of London; and an Advanced Management Programme from the Harvard Business School.

His experience in development finance and banking spans over a 28-year period, including a lengthy period at the Development Bank of Southern Africa and as the chief executive of the Land Bank.

The current chief executive Geoffrey Qhena has served for almost 20 years as an official of the IDC, of which 13 years were as chief executive of the corporation. 

His term of office ends on 31 December 2018 following his decision to step down which was announced in August this year.

Under his watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme. 

Cabinet has noted the progress made in the past five years, where IDC investment commitments totalled R72 billion, an increase of 30 percent compared to the previous corresponding period. 

These investments in-turn drew in a large level of private-sector investments, bringing the investment level to R176 billion and creating or saving 105 822 direct jobs.