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Minister extends IDC CEO’s tenure

 Geoffrey Qhena Geoffrey QhenaMinister for Economic Development Ebrahim Patel has retained Geoffrey Qhena as CEO of the IDC for the next five years. The IDC is the country's largest development finance institution, with an asset base of more than R100 billion.

In a statement released Thursday, Patel explained that the IDC CEO was reappointed following his role in steering the corporation to an unprecedented level of investment into the local economy particularly the green energy sector. Among other reasons, the Minister cited Qhena’s role and commitment to increasing support to industrialisation of the local and regional economies, job creation and the development of black industrialists as key to the reappointment of Qhena.

New board chairperson

In a related development, the Minister has appointed Busi Mabuza as the new IDC board chairperson replacing Monhla Hlahla. Announcing the development at the IDC’s AGM, Thursday morning, Patel thanked Hlahla for her role and contribution to the growth of the IDC.  

Prior to her appointment as chairperson, Mabuza served as an IDC board member for three years. She holds a BA in Mathematics and Computer Science, and an MBA in Finance and Information Systems.

Transnet CEO Brian Molefe, BP SA chair Thandi Orleyn and Nomavuso Mnxasana, who serves on a number of other boards such as Land Bank and Nedbank, have also been appointed to the board.  

Busi MabuzaBusi MabuzaMembers reappointed to the board are:

Bobby Godsell

Sizeka Magwentshu-Rensburg

Lael Bethlehem

Brian Dames

Zwelinzima Vavi

Philisiwe Mthethwa

Nimrod Zalk 

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