IDC disburses R16bn

IDC disburses R16bn

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The IDC disbursed a record R16bn into the economy in the 2012/2013 financial year. In addition, the corporation sustained its funding approvals at the R13bn mark recorded in the previous financial year.

Over the past five years, funding approved by the IDC had facilitated the creation of 114 000 jobs, with 37 600 jobs saved. In addition, about 8 000 informal jobs were expected to have been created.

IDC Chief Executive Officer Geoffrey Qhena said these results were achieved against a backdrop of a challenging economic environment, mainly due to a prolonged sovereign debt crisis in the Eurozone as well as a moderation in the growth momentum in a number of emerging and developing economies.

Despite these challenges, IDC has continued to play a proactive role in the economy by supporting the development of key industries.

Through its activities in the year under review, IDC is expected to facilitate the creation of 18 922 direct jobs and the saving of 3 950 existing jobs.

Qhena attributed the drop in direct jobs facilitated, compared to the previous year, to capital-intensive investments and strategic acquisitions. He said the bulk of support over the financial year under review had focused on improving conditions in capital-intensive industries to build the base for jobs to be created in downstream industries.

Qhena said: “More labour-intensive sectors, such as downstream metals, clothing and textiles and agro-industries, also contributed a large number of jobs.”

 

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