South African development finance institution debt levels to jump

Speaking at the Industrial Development Corporations (IDC) annual results presentation yesterday, CEO Geoffrey Qhena said the IDC will spend ZAR100bn on industrial development over the next five years.

Qhena said that the corporation’s “involvement with the Industrial Policy Action Plan (Ipap) will result in us investing much more”.

Ipap, which was tabled in Parliament in February 2010, builds on the country’s National Industrial Policy Framework and represents the South African government’s efforts to “promote the countries long term industrialization and industrial diversification”.