IDC to tackle unemployment
April 2011
News
The Industrial Development Corporation (IDC) has launched a R10 billion scheme, to run over five years, aimed at facilitating job creation and growing the economy. The announcement was made recently by CEO, Geoffrey Qhena, from the organisation’s head office in Sandton.
Outlining the scheme, Qhena said funding will be available at prime less 3%. This will be across all IDC mandated sectors to businesses which demonstrate economic merit and efficiency in new job creation. Applications will be considered from R1 million up to R1 billion.
Overall pricing reviewed
The IDC has also reviewed its current pricing model. Projects that have high development impact (including a combination of job creation, rural development, BBBEE, SMEs, etc) will benefit from a reduction of up to 1% on the loan facility. (The facility excludes those that may qualify under the R10 billion scheme.)
“It is still important that businesses have prospects of acceptable profitability to service their financial obligations,” said Qhena.
Additional assistance to companies in distress
Also, the IDC has set aside R750 million in total to assist those businesses that have been affected by the recent floods and drought. R500 million of this will be made available to assist businesses that fall within the IDC mandate and will be made available at prime less 3%. Applications for the flood and drought distress funds will only be considered for one year – starting 1 March 2011 to 31 March 2012 – although the repayment period may be over a number of years.
The remaining R250 million will be loaned to the Land Bank to assist those affected agricultural businesses (primary agriculture) that fall outside IDC’s mandate. The businesses must be viable and demonstrate that their distress was a result of the floods or drought.
For more information contact Mandla Mpangase, Industrial Development Corporation, +27 (0)11 269 3282, [email protected], www.idc.co.za
Further reading:
Rooibos heads to space in groundbreaking South African STEM initiative
News
Rooibos seeds will be sent to the International Space Station as part of a first-of-its-kind South African initiative combining space-based plant science with hands-on STEM education for learners in the Cederberg region and Cape Town.
Read more...
From the editor's desk: Turning the tide
Technews Publishing (SA Instrumentation & Control)
News
Our last few Sustainable Manufacturing guides have tracked the changes in the energy industry in South Africa. This year, I found that the story has moved on still further.
South Africa’s manufacturing
...
Read more...
Engineering a more inclusive future
News
Women engineers at Zutari are helping shape resilient communities across Africa and the Middle East, while inspiring the next generation to enter the profession in areas ranging from water security to large-scale urban developments.
Read more...
Schneider Electric inspires future women engineers
Schneider Electric South Africa
News
Schneider Electric welcomed female engineering students from its education partner Sedibeng TVET College, Sebokeng to its Midrand headquarters for its Mandela Day Mentorship Café initiative, transforming a day of service into a day of inspiration, learning and opportunity.
Read more...
Supporting an inclusive circular economy transition in South Africa
News
The Department of Science, Technology and Innovation has released its Circular Economy Science, Technology and Innovation strategy. The document sets out how research, development and innovation can support South Africa’s shift away from a linear economic model.
Read more...
Why sustainability and resilience matter more than ever to navigate the ESG backlash
News
ESG, once heralded as a pragmatic framework for embedding long-term resilience into business, is facing growing resistance. The backlash we are seeing may appear reactionary, but it should not distract us from the facts. In this climate, I often find myself returning to the core purpose behind sustainability - creating long-term value in a world of escalating uncertainty.
Read more...
Electra Mining Africa showcases the technologies shaping tomorrow’s industry
News
Taking place from 7 to 11 September 2026 at the Johannesburg Expo Centre in Nasrec, Electra Mining Africa will showcase thousands of products, technologies and services from more than 1000 local and international exhibitors.
Read more...
From the editor's desk: Building a better future
Technews Publishing (SA Instrumentation & Control)
News
This issue of
SA Instrumentation & Control includes our Sustainable Manufacturing Industry Guide, which has some great examples of companies actively contributing to a net-zero carbon future. It’s also
...
Read more...
Latest automation innovations on show at Electra Mining Africa 2026
News
Electra Mining Africa 2026 will showcase new developments in mining automation, AI-integrated safety systems, digital power solutions and CNC simulation technology, alongside a new outdoor Orange Zone exhibition area at the Johannesburg Expo Centre.
Read more...
Tech4Tomorrow Winter School inspires future innovators in Hammarsdale
News
Counter Space Learning hosted its Tech4Tomorrow Winter School, bringing robotics, programming and artificial intelligence to learners who might not otherwise have access to these technologies.
Read more...
printer friendly version