28 May IDC Closes €30M Deal With PROPARCO
The Industrial Development Corporation of South Africa Limited (IDC) has received a €30M (approximately R400M) credit line from Proparco, a subsidiary of the French Development Agency (AFD), based in Paris.
The agreement was signed in Johannesburg on Thursday, May 28, 2009 in the presence of IDC Chief Financial Officer Gert Gouws, the French Minister for Foreign Trade, Anne-Marie Idrac, the Deputy CEO of French Development Agency (AFD), Jean-Michel Debrat and the Regional Representative of Proparco Southern Africa, Sophie Le Roy.
The IDC CFO said the line of credit will increase the state-owned lender’s capacity to lend in line with the institution’s strategic decision of investing over R60 Billion into the South African economy in the next five years.
“We have a strong working relationship with Proparco which is demonstrated by the fact that IDC is receiving its fifth credit facility from the institution. This loan will also boost our export credit finance which has proved to be a key stimulus for the South African economy,” Gouws said.
Regional Representative of Proparco Southern Africa, Ms Sophie Le Roy said; “This fifth transaction with the IDC meets a crucial need for hard currency in South Africa. The funds will benefit a wide range of South African businesses that need foreign currency to keep funding their activity.”
PROPARCO (www.proparco.fr) is the Investment and Promotions Company for Economic Cooperation. Created in 1977, PROPARCO is a Development Financial Institution partly held by Agence Française de Développement (www.afd.fr) and private shareholders from the North and South.
PROPARCO’s mission is to be a catalyst for private investment in developing countries which targets growth, sustainable development and reaching the Millennium Development Goals (MDGs). PROPARCO finances operations which are economically viable, socially equitable, environmentally sustainable and financially profitable.
The IDC (www.idc.co.za) is a self -financing, state-owned development finance institution. The vision of the IDC is to be the primary source of commercially sustainable industrial development and innovation to the benefit of South Africa and the rest of the African continent.
The IDC provides financing to entrepreneurs engaged in competitive industries and enterprises based on sound business principles.
IDC Media Contact:
Phone: +2711 269 3000/ mobile- 0712246503
Proparco Media Contact:
Head of Communication
Phone : +33 (0)1 53 44 37 50
Proparco South Africa
Phone: +27 (0)11 540 71 00