17 Mar Social media commentary on Green scooter and the IDC
As one of the key institutions mandated to support industrial development, transformation and empowerment, the IDC welcomes public scrutiny including criticism thereof regarding both its successes and failures to execute on its mandate.
Demand for financial support including from cross sections of competing business interests invariably place the Corporation in the spotlight. However, at the core of our funding and standing alongside our development mandate is the need for the IDC to remain financially sustainable and manage taxpayer’s money in a manner that supports our objectives to transform the local economy and fund the next generation of black businesses.
Our record and commitment to supporting economic transformation and empowerment is well documented. But this has not been without challenges. It is in this spirit that we accept constructive criticism while cautioning that unmerited attacks only serve to erode the credibility of an institution that has and continues to play a significant role in transforming our economy.
Mr Fezile Dhlamini’s Green Scooter applications for funding which date back to 2018 are a case in point. While we are bound to sound governance principles which preclude us from discussing client confidentiality matters, we wish to place it on record that Mr Dhlamini’s submission to the IDC was subjected to our approved assessment processes – a standard requisite for all submissions to the Corporation.
The objective is to ensure that each application is assessed against clear criteria, including market access and commercial viability to ensure long-term financial sustainability. While our requirements are not as stringent as a commercial entity, they are appropriate for a DFI.
Despite repeated reminders, Mr Dhlamini is yet to submit the requisite information for his current application. This being a long-standing matter, the timing of his social media postings against the IDC is of grave concern. Ours is an open-door policy enabling our stakeholders to engage the Corporation and its leadership in good faith.
Our appeal to funding applicants including Mr Dhlamini is to engage us for clarity when faced with challenges so together we can find common ground.
Issued by
Tshepo Ramodibe
Head: IDC Corporate Affairs
