The Industrial Development Corporation of South Africa (IDC) recorded a historical increase in funding support to key sectors of the economy, for the financial year ending 31 March 2023. Against the backdrop of a domestic economy battling several global and domestic headwinds, including slowing international growth, geopolitical tensions, domestic power supply constraints and weather-induced natural disasters, the Corporation registered a record R20.7 billion in funding approvals for the financial year ending 2022/23. This represents a 29% increase in approvals compared to the previous corresponding period - which is the highest nominal amount ever approved by the development funder.
The Industrial Development Corporation of South Africa recorded a historical increase in funding support to key sectors of the economy, for theAgainst the backdrop of a domestic economy battling several global and domestic headwinds, including slowing international growth, geopolitical tensions, domestic power supply constraints and weather-induced natural disasters, the Corporation registered a recordyear ending 2022/23.
According to Nchocho, the increased levels of investments have had a positive knock-on effect on the IDC’s developmental outcomes for the Corporation. For the year under review, the IDC created or saved 34 035 jobs compared to 27 130 for the 2021/22 reporting period. Of these, about 8 500 jobs - mainly in KwaZulu Natal which was the hardest hit by floods - were saved by the development funder’s R1.
He called on the IDC to build on successes and set a higher ambition and to expand investment in battery manufacturing and electric vehicle financing, support green component manufacturing for local and export markets. step up job creation in key productive sectors and fast-track additional generation energy project financing.
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