NEF and IDC merge to create ‘landmark breakthrough’ for growth
The National Empowerment Fund (NEF) will become a wholly owned subsidiary of the Industrial Development Corporation (IDC), so it can meet the demand for funding by black entrepreneurs. On Wednesday, ministers of trade and industry and economic development, Rob Davies and Ebrahim Patel, jointly called the merger of the two state-mandated entities a "landmark breakthrough" in SA’s quest for inclusive growth and radical economic transformation, in line with President Jacob Zuma’s state of the nation address. Zuma said last Thursday that radical economic transformation must seek fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy in favour of all South Africans, especially the poor, the majority of whom are African and female. In the most recent financial results announcement for the period ending March 2016, the IDC reported R14.5bn in approvals including R11.4bn in disbursements for the financial year. This includ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.