South Africa - Line of Credit to the Industrial Development Corporation of South Africa Limited (IDC)


Project Summary

Approval Date 28 Jun 2000
Signature Date 31 Jan 2003
Planned Completion Date 31 Dec 2006
Last Disbursement Planned Date 31 Dec 2005
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 71,642,988.66
Status Completion

Project General Description

The project is a US$ 100 million (ca R 650 million) line of credit LOC for financing small- and medium-scale industrial enterprises in South Africa through the Industrial Development Corporation of South Limited (IDC). The IDC is the prime financier of industrial projects in South Africa and increasingly within the SADC countries. The LOC will finance industrial activities in all parts of the country. It will specifically address three main objectives of the South African industrial sector, viz: the development of the SMSEs sub-sector, employment creation and the generation of export. Through the proposed LOC, the Bank will be enhancing the capacity of the IDC to be able to contribute more to the achievement of the economic strategies of the GSA.

Project Objectives

The objective of the LOC is to provide financial resources to the IDC in order to enable the corporation to expand its lending and other developmental services provision to the SMSEs sub-sector of the economy, thereby leading to sector growth and development and employment creation.

Beneficiaries

More than 40 enterprises are expected to benefit from the resources to be provided by the proposed LOC. More than 60% of the potential beneficiaries are expected to be new industrial enterprises. The LOC is expected to lead to significant job creation with more than 4,000 direct jobs created, while several thousands more will be sustained.

Participating Organization

Funding
African Development Bank
Implementing
Development Bank of Southern Africa DBSA

Information

IATI identifier 46002-P-ZA-HAA-001
Last Update 31 Oct 2019

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Contact Details

Name ANSAH Dennis
Email d.ansah@afdb.org

Geographic Location

Country South Africa