The Industrial Developmental Corporation (IDC)
approved the most funding ever for South African investments in its
financial year ending March, it said on Thursday.
The IDC approved R8.4 billion in funding for South
African investment. "This is the highest level ever for South
African-based investments," the IDC said in a statement.
The funding was expected to create 19,650 full-time
jobs and save an additional 11,650 jobs. Another 8100 jobs could be
created through links to activities in the informal economy.
"We have retained our focus both on preserving and
growing high impact manufacturing capacity and have succeeded in
improving our impact on job creation," said IDC CEO Geoffrey Qhena.
The IDC made a profit of R2.7 billion during the year under review.
97% of the projects it approved funding for were in
priority sectors identified in governments new growth path economic
strategy. These include manufacturing, mining value chain and
infrastructure and agriculture.
Minister of Economic Development Ebrahim Patel
welcomed the results, which he said showed "solid performance and
industrial recovery. The IDC has a strong, healthy balance-sheet,
which will now be used more actively to drive the New Growth Path
and job creation," he said in a statement.
"We are now working with the IDC to significantly
expand the level of investment, reduce the cost to industrial
borrowers and shift more investment to projects with a large labour-absorbing
capacity," he said.
SA - the Good News via SAPA