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IDC and NEF merge

In a landmark breakthrough for SA’s quest for inclusive growth and radical economic transformation, the Ministers of Trade and Industry and of Economic Development announced in Cape Town yesterday that the National Empowerment Fund (NEF) will become a wholly-owned subsidiary of the Industrial Development Corporation (IDC).

The development will enable the two institutions to meet considerable demand for funding to black entrepreneurs in line with the affirmation by President Jacob Zuma as outlined in his State of the Nation Address (SONA) last Thursday.

Both the IDC and the NEF have been identified by Government as central in implementing radical economic transformation and development policies, particularly in light of renewed efforts to develop black industrialists. The merger will also promote increased broad-based black economic empowerment with a specific focus on promoting black industrialists.

This decision is in line with government policy to consolidate South Africa’s development finance institutions to provide effective support to emerging and existing black entrepreneurs, and thereby enhancing efficient service delivery.

Accordingly, the dti and EDD will appoint a technical team to drive the process expeditiously while the Minister of Trade and Industry will continue to provide legislative and policy guidance to the NEF.  The two Ministers expressed confidence that this historic integration of two leading DFIs will enhance the country’s developmental aspirations as outlined by President Zuma in the SONA to open up the economy to new players, give black South Africans opportunities in the economy and indeed to help make the economy more dynamic, competitive and inclusive. This is our vision of radical economic transformation. 




New energy plant launched in Cape Town

 

On the 25 January 2017, the Industrial Development Corporation (IDC), working with other partners, Clean Energy Africa, WasteMart and Afrox launched the multi-million rand New Horizons waste-to-energy plant in Athlone, Cape Town.  

The IDC provided 60% funding towards the R400 million plant, of which half was provided by KfW, the German Development Bank as a Green Fund.

The plant will process over 500 tonnes per day of municipal solid waste, about 10 % of the waste generated in Cape Town.  This will be recycled and converted into various products, including organic fertiliser, liquid carbon dioxide (CO2) and compressed biomethane.

Lizeka Matshekga, divisional executive of Agro, Infrastructure and New Industries, said the plant had numerous benefits. According to Matshekga, it will address the county’s landfill challenges. 

The plant will create just under 100 direct jobs and reduce costs associated with importing polluting fossil fuels, namely LPG, and petrol and diesel.  

“We intend to promote and support similar projects across the country to propel South Africa to a more clean and efficient energy status,” Matshekga said.

Egmont Ottermann, chief executive of New Horizons, said that when fully functional, the facility is expected to divert up to 90% of the received waste away from landfill.  “This will change the renewable energy landscape as far as waste management and energy recovery from underutilised resources are concerned,” said Otterman. 

IDC CEO talks industrialisation at WEF

IDC CEO Mvuleni Geoffrey Qhena and Chairperson of the IDC Board, Ms Busi Mabuza, were part of a 56-person high level government, business and labour delegation that attended the 2017 World Economic Forum (WEF) in Davos, Switzerland recently.

Held under the theme: ‘Responsive and Responsible Leadership’, team South Africa conveyed to the international community that the country was open to investment.

In an interview with CNBC Africa on the sidelines of the WEF gathering, Qhena stressed the need for African to industrialise in order to strengthen economic development across the continent. 
Futuregrowth, a leading asset manager, has lifted the suspension of its lending activities to the Industrial Development Corporation (IDC) with immediate effect. The announcement follows Futuregrowth’s extensive review of the IDC’s the governance and investor protection mechanisms.

IDC chief financial officer, Nonkululeko Dlamini, said both parties had a constructive and robust engagement during the due diligence process.

“As part of the engagement with Futuregrowth, there were some recommendations regardingenhanced transparency and public disclosures relating to governance structures,” said Dlamini.

She stressed the IDC’s commitment to maintaining the highest levels of corporate governance, independence of decision-making and the protection of the interests of its funders.She added that Futuregrowth was one of the IDC’s key funders and that their support remained critical to achieving the Corporation’s mandate and objectives of supporting growth and industrialisation of the South African economy.
IDC CEO launches youth portal

Keen to ramp-up funding to youth-owned enterprises in the financial year ahead, the IDC has launched a youth portal for youth entrepreneurs to engage on challenges, opportunities and other critical issues affecting them.

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