R23bn earmarked to boost industrialisation

R23 billion will be set aside over the next five years to fund “new players” as government makes a big push to industrialise the economy.

Economic Development Minister Ebrahim Patel announced this on Tuesday afternoon when he tabled his department’s Budget Vote at the National Assembly.

He said the fund would contribute towards job creation, industrialisation and transformation. “The Industrial Development Corporation (IDC) is committing R100 billion over five years to industrial development. What is new and what is significant is that we are setting aside R23 billion to promote black industrialists,” said Patel.

The minister commented that this was a five-year programme that was intended to bring more South Africans into the economic mainstream. He said the funding would be distributed in the form of loans or equities.