PARLIAMENT – The Industrial Development Corporation (IDC) neared the R50 billion mark in facilitating fresh investment for 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.
The investments included R4.7 billion to 77 black industrialists – a 60 % 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% to R3.2 billion”.
Patel said these investments had created 20 877 jobs.
