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IDC and NEF merge

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. 




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