The Industrial Development Corporation (IDC) is ramping up its investment activities across various sectors of the economy as it accelerates efforts to contribute to economic reconstruction amidst a challenging environment.
Announcing its annual results for the financial year ending 31 March 2022, IDC Chief Executive Officer TP Nchocho was upbeat about economic prospects in the year ahead. “The opening up our economy following Covid-19 enforced shutdowns provides us with a great opportunity to ramp up our funding activity. We see great opportunities in supporting start-ups, and expansions. Accordingly, we are investing in developing projects that will bring in new products such as green hydrogen among others. The recent easing of the energy regulatory framework is also an opportunity to augment our funding activities,” said Nchocho.
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For the year under review, the IDC approved funding amounting to R16.0 billion in an economy that was substantially depressed due to the Covid -19 pandemic and its lingering impact. This figure represents a 146% increase from the R6.5 billion in the previous corresponding period. Of the R16.0 billion approved, R4.1 billion was for black industrialists (2020/21: R1.4 billion), R5.3 billion for black-owned (2020/21: R3.7 billion), R1.1 billion for women-empowered businesses (2020/21: R787.4 million); and R386.0 million for youth-empowered businesses (2020/21: R192.2 million) yet again demonstrating the Corporations commitment to supporting black industrialists, including women and youth entrepreneurs.
The IDC, through its Post-unrest Business Recovery Fund (PUBRF), approved 96 transactions to the value of about R2.0 billion and has since disbursed R1.5 billion to date in support of the affected business. “ Important for us, IDC’s swift response to the unrest and flooding demonstrated the Corporations agility to respond to crises,” said IDC CEO TP Nchocho.
View the full report here: www.idc.co.za/financial-results/