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South Africa: The Industrial Development Corporation (IDC) Created 19,000 Jobs in Past Year
Source: SA - the Good News via SAPA
Source Date: Thursday, November 14, 2013
Focus: Citizen Engagement
Country: South Africa
Created: Nov 14, 2013

The minister welcomed the IDC's results pointing out that it had almost doubled its achievements in the past four years.
Since 2009, when the current administration came into office, the IDC's total assets rose from R89bn to R127bn, an increase of 43%, Patel said.
The IDC had also invested R45bn in the past four years into projects in the form of equity or loans. It had made a profit of R10bn in the past four years.
One of the areas the IDC had invested in was manufacturing. Patel said the IDC had deepened its presence in core manufacturing. Investment was not only needed in heavy manufacturing but also in light manufacturing, he said.
The IDC was also investing in the services sector, infrastructure development, and the green economy.
Patel said funding was at the IDC's core. "If we are to maintain high and growing rate approvals... the IDC has to increase its risk appetite," he said.
While the IDC had done well there were some problems Patel said he had told the board to look at.
The IDC had to focus on youth entrepreneurs. Patel said R2.7bn was available for the next five years for special youth funding.
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