Media Room

Press Releases 2011

Government injects R2 billion in job creation

The announcement follows UIF’s agreement in 2009 to place a R2 billion bond with the IDC to provide funding to businesses that will create and save jobs.

The IDC has approved R2, 5 billion since 2010, saving 13 878 and creating 12 431 jobs respectively. The total number of jobs both saved and created is 26 309.

Oliphant says the cooperation between the IDC and the UIF demonstrates a serious commitment by Government to deal with unemployment.

The UIF/IDC bond provides funding to both existing and start-up businesses.

IDC CEO Geoffrey Qhena says the funding is targeted at start-up, expansionary acquisition and expansions of existing businesses.

“It is important that we partner with Government to address unemployment in the country. This is a fundamental and sensible cooperation between government agencies,” says Qhena.

The initial R2 billion UIF/IDC bond, which was offered to businesses at a fixed concessionary rate, will mature in 2015.

UIF Commissioner Boas Seruwe says the good performance of the initial bond prompted the UIF to invest an additional R2 billion with the IDC, in four bonds of R500 million each.

“South Africa needs to create more job opportunities and investing in the IDC is a sure way of ensuring that the economy expands and creates more opportunities for employment. This is part of the UIF’s contribution to government initiatives of getting South Africa to work by saving and creating jobs,” he says.

Seruwe says this means that more revenue is contributed to the organisation and fewer claims are paid out to beneficiaries, a move, he says, that will ensure UIF’s financial stability.

Many sectors have benefitted from this fund.


For more information, please contact:
Muzi Mkhwanazi
Communications Manager
Department of Labour
Tel: (012) 337-1877
Mobile: 072 7654 506

Our sectors

Our strategic business units work in three distinct areas: the services sector; within the mining and manufacturing sector; and in the agro-processing and new industries environment. MORE >

Our regional support

We make an impact across the country, helping develop new business, growing existing companies, boosting local economies and providing expertise wherever needed. MORE >

Annual report

Advancing Industrial Development covers our financial and non-financial strategy and performance aspects for 2015. MORE >

Our products

We offer a wide range of products from debt equity to providing working capital and equipment finance. MORE >

Our research

Stay informed and read our award-winning research reports, as our team keep tabs on the economic trends globally, regionally and locally. MORE >

Corporate responsibility

We are playing our part in improving the quality of life of all our communities, especially in rural and underdeveloped areas. MORE >

Doing business with us

This is your one-stop-shop where you can engage with us directly via our e-services. MORE >

Domestic Medium Term Note Programme

The Industrial Development Corporation of South Africa Ltd has established a ZAR15,000,000,000 Domestic Medium Term Note Programme (as amended and updated on 17 July 2012). You can read the memorandum here. MORE >

Report Fraud     Email     Call 0800 30 33 36     SMS 39640

PAIA Manual | Terms and Conditions | Employee Webmail | Contact us | Sitemap
© The IDC 2016, ALL RIGHTS NOT EXPRESSLY ALLOWED ARE RESERVED. P.O. Box 784055, Sandton, 2146, South Africa