|Approval Date||28 Jun 2000|
|Signature Date||31 Jan 2003|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
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.
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.
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.
African Development Bank
|Last Update||15 Jun 2021|