South Africa's Industrial Development Corporation to invest USD 15.3bn.

By bne IntelliNews April 13, 2011
South Africa's state-owned Industrial Development Corporation (IDC) will invest ZAR 102bn (USD 15.3bn) over the next five years to boost the industrial sector, the Business Day newspaper reported citing Economic Development Minister Ebrahim Patel. The money will be allocated to green industries (ZAR 22.4bn), mining and beneficiation (ZAR 22bn), manufacturing (ZAR21bn), the agriculture value chain (ZAR 7.7bn), tourism, creative industries and high level services (ZAR 14.8bn), the paper said. A total of ZAR 2.5bn is allocated for funding to distressed companies, strategic high impact projects will get ZAR 11bn and ZAR 500mn is earmarked for venture capital. Development finance institutions such as the IDC would place a central role in achieving the job creation goals of the government's New Growth Path 5mn jobs by 2020.

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