IDC facilitated investment of R47bn: Patel

web_photo_IDC_Sandton_020916

The Industrial Development Corporation says its not happy to learn of its fate through media reports after finding out through the media that its one of several organisations that wont be receiving funding from Futuregrowth.

The Industrial Development Corporation says its not happy to learn of its fate through media reports after finding out through the media that its one of several organisations that wont be receiving funding from Futuregrowth.

web_photo_IDC_Sandton_020916

The Industrial Development Corporation says its not happy to learn of its fate through media reports after finding out through the media that its one of several organisations that wont be receiving funding from Futuregrowth.

The Industrial Development Corporation says its not happy to learn of its fate through media reports after finding out through the media that its one of several organisations that wont be receiving funding from Futuregrowth.

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.

READ: IDC lending suspension lifted

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.