IDC facilitated investment of R47bn: Patel

File: Economic Development Minister Ebrahim Patel. Patel said the IDC's investments had led to the creation of 20,877 jobs. Photo:

PARLIAMENT – The Industrial Development Corporation (IDC) neared the R50-billion mark in facilitating fresh investment to businesses over the past financial year, Economic Development Minister Ebrahim Patel said on Thursday.

“It facilitated R47-billion of fresh investment, of which R15.3 billion is from its own funds and the rest from private investor partners. This is the largest yet in its history,” Patel said while tabling his department’s budget vote in Parliament.

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The investments included R4.7 billion to 77 black industrialists, a 60 percent increase on the 2015/16 financial year, while black-empowered companies received R10.8 billion.

Investment in youth managed businesses doubled to R2.4 billion, while investments in companies benefiting women “grew sharply by 178 percent to R3.2 billion”.

Patel said these investments led to 20,877 jobs being created.

African News Agency

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