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Futuregrowth restores lending relationship with IDC

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.

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Domestic Medium Term Note Programme

The Industrial Development Corporation of South Africa Ltd has established a ZAR15,000,000,000 Domestic Medium Term Note Programme (as amended and updated on 17 July 2012). You can read the memorandum here. MORE >

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