IDC commits billions of rand for black industrialists
But Industrial Development Corporation must do much more to speed up scheme, says Black Business Council
The Industrial Development Corporation (IDC) has granted R2.3bn in loans and R562m in equity financing to black industrialists, Economic Development Minister Ebrahim Patel says. This brought its total commitment to the black industrialists programme — one of the pillars of the government’s drive radically to transform the ownership and control of the economy — to R3.3bn, the minister said on Monday. The IDC had a special programme to support black industrialists, with a capital allocation of R23bn that Patel said was "a significant pool of capital that is available at concessionary rates to black South Africans who seek to invest in sustainable businesses in productive sectors of the economy". But Black Business Council secretary-general George Sebulela said that much more needed to be done to accelerate the black industrialists programme. A far larger injection of capital both by the government and its entities and the private sector was required. Also, there needed to be a dedicat...
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