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The Corporation ramped-up its investment into the economy significantly in the year in review. In the year ahead, job creation will remain paramount to the IDC’s objectivesThe year in review was characterised by several global and domestic headwinds, including slow economic growth, geopolitical tensions, domestic power supply constraints and weather-induced natural disasters. These factors definitely tested the resilience of our economy.
Of these, about 8 500 jobs were saved by the development funder’s R1.25 billion in support of Flood Relief Fund interventions, which mainly supported businesses affected by last year’s devastating floods in parts of KwaZulu-Natal, Eastern Cape, Mpumalanga and Gauteng. In addition, the IDC managed the Social Employment Fund, with 6 404 “full-time equivalent” non-permanent jobs created in the social economy. Other funds managed by the IDC on behalf of clients created 700 additional jobs.
Prospects in the Africa Continent Free Trade Area are encouraging for our ambitions into the rest of the African continent. To support African economic development, funding of R3.4 billion was approved for projects in other African countries, including mining in the DRC, aluminium manufacturing in Mozambique, liquid fuel refining in Angola, pipeline infrastructure in Uganda and a paper mill in Botswana.
BT received funding from the IDC for plant expansion, which involved relocating to bigger premises, purchase of new machinery, installation of a solar system to support its energy requirements and working capital. The support will enable this black industrialist to boost production capacity of pipes and medical devices such as polypropylene insulin syringes and respirators. Another 142 employment opportunities will be added to the existing 83 employees.
IDC funding will strengthen ARTSolar’s working capital and capex, enabling the company to upgrade its plant to a new M12 bifacial module photovoltaic manufacturing plant.
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