Media Room

The Industrial Development Corporation (IDC) and the government of Bayelsa State today signed an historic memorandum of understanding to help set up a development financing institution (DFI) in the Nigerian state.

The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is taking part in the first joint CEO Forum with the Association of African Development Finance Institutions (AADFI) this week.

The Industrial Development Corporation (IDC), in partnership with Beijing Automotive Works Co. Ltd (BAW), a Chinese original equipment manufacturer (OEM), will set up a local taxi assembly plant which will go under the banner BAW South Africa.

CEOs from across the southern hemisphere were meeting at a “very opportune” moment. The 1st joint CEO Forum organised by the Association of African Development Finance Institutions (AADFI) and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is being held at a time when “the recovery from the global financial crisis – a glitch in the financial sector – is still very fragile”, the chief executive of South Africa’s Industrial Development Corporation (IDC), Mr. Geoffrey Qhena, reminded guests at the opening ceremony.

The Industrial Development Corporation (IDC) grew its funding activity by 55% to R13.5 billion, while the number of funding approvals rose by 33% to 293 in the financial year ending on 31 March 2012.


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