Following the onset of COVID-19 in South Africa, the IDC allocated 3,6 billion to establish funding interventions, the COVID-19 Essential Supplies Fund and Distressed Fund. The funds aimed to alleviate shortages of critical supplies needed to help fight the virus and provide funding to assist sustainable businesses facing difficulties resulting from the pandemic.
``Our specific interventions are informed by our mandate to play a countercyclical role in times of a crisis such as this one, as well as our understanding of the impact of the pandemic to the economy, our clients and the IDC itself`` - IDC CEO TP Nchocho.
The fund aims to assist companies that are in distress resulting from the COVID-19 pandemic. The fund provides affordable business loans to IDC clients and other businesses operating in sectors within the IDC’s mandate.
The fund offers concessionary finance to cover short-term operating costs to assist businesses in distress.
The fund aims to give financial support to companies providing essential supplies to address the COVID-19 Pandemic. This fund includes R 300 million from the Department of Trade, Industry and Competition’s Manufacturing Competitiveness Enhancement Programme (MCEP).