IDC Launches North West Office

IDC Launches North West Office

The Industrial Development Corporation (IDC) continues to extend its national reach, with the state-owned development finance institution officially opening its North West regional office.

The office, which was opened in July 2008 under the management of David McGluwa, was officially opened by North West Premier Maureen Modiselle, who was represented by the MEC for Economic Development and Tourism Mmaphefo Lucy Matsemela.

IDC CEO Geoffrey Qhena said the opening of the office was an affirmation of the Corporation’s commitment in promoting economic growth and industrial development throughout all the corners of South Africa.

“It is our strong belief that through the collaboration and interaction of our NW office with all the stakeholder especially the provincial government, we shall together build and inclusive economy and create decent jobs and sustainable livelihoods while emancipating our people from poverty and underdevelopment,” said Qhena.

The IDC recently established a provincial office in Rustenburg and representative offices in Brits, Klerksdorp, Mafikeng and Vryburg.

As of March 31 this year, the IDC’s financial exposure in the North West Province stood at close to R1,8 Billion, with sectors such as mining and beneficiation, food beverage and agro industries, tourism, health and education, wood and paper and franchising benefitting from the funding.

Between 2007 and 2008, the IDC approved 17 projects to the value of R900m, saving 204 jobs and creating 7564 direct jobs in the province. About 3440 of the jobs created were in the rural areas and 754 in the townships.

Over 53% of the number of financial approvals were to black economic empowerment companies, bringing the total funding of such companies to R800 million.

Among the IDC’s major projects in the province is a R100 million wholesale facility to Magalies Graan Korporasie (MGK) via Temo Agri-services for on-lending to emerging farmers.

The IDC activities in the province include Corporate Social Investment initiatives such as the Nguni Cattle project and has also adopted schools under the government’s Dinaledi Schools initiative.

Issued by:

Mphilo Dlamini
IDC Publicity Manager
Tel: +27 11 269 3293
Cell: +27 71 224 6503