IDC disburses close to R16bn in funding, contributing to almost 18,000 jobs

The Industrial Development Corporation (IDC) has reported mixed results for its 2023/2024 financial year, compared to the previous year.

As a self-financing, state-owned national development finance institution the IDC provides funding that is aimed at the development of enterprises.

The R17.3 billion of approvals during the year to end-March 2024 show a decline compared to the previous year (R20.7 billion). 

The total value of disbursements of R18.7 billion (inclusive of on-balance sheet and off-balance sheet disbursements) also dropped during the period under review (2022/23: R20.5 billion).

On-balance sheet disbursements stood at R15.9 billion, lower than the R17.8 billion for the previous year.

A total of 17,826 full-time equivalent jobs will be created and/ or saved through committed funding in 2023/2024, the IDC said.

"This is lower than the target of 36,778, representing 48% of the target. This is also lower compared to last year of 34,035 that was mainly attributed to flood relief and unrest-related financing."

"IDC continues to support counter-cyclical initiatives in cases where there is a social crisis, disaster support or other required intervention."

Industrial Development Corporation

On The Money Show, interim CEO David Jarvis says they are satisfied that they've been moving in the right direction while working in a difficult operating environment, contending with domestic and global challenges.

"There are areas for improvement, but we definitely think there are green shouts for greater delivery in the coming period."

"We're focusing really on catalytic investments that should grow value chains and develop our sectors. And there's a focus on transformation and inclusive growth which makes a big difference to bring in entrepreneurs who don't have the balance sheet but do have the capabilities."

David Jarvis, Interim CEO - Industrial Development Corporation

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