Alexander Herring, Vice President
CBL-ACP, Hon. Aggrey Henry Bagiire, Minister of State for Transport of Uganda, Hon. Jean de Dieu Uwihanganye, Minister of State in charge for Transport of Rwanda.
Alexander Herring was chairman of the 7th Annual Africa Airport Expansion Summit in Kigali on 25th and 26th February 2019.
The Industrial Development Corporation (IDC) founded in 1940 is a national development finance institution whose primary objectives are to contribute to the generation of balanced, sustainable economic growth in Africa, and to the economic empowerment thanks to South Africa, thereby promoting the economic prosperity of all citizens. The IDC achieves this goal by promoting entrepreneurship through the building of competitive industries and enterprises.
The role of IDC is to enhance the industrial capability of South Africa, and the rest of the African continent (currently with about 80 projects), thereby boosting economic growth and industrial development. IDC do this by funding new entrepreneurs achieves this goal, or supporting companies waning to extend existing operations.
IDC fund start-ups and existing businesses up to a maximum of 1 billion ZAR considering debt of 1 million ZAR.
The IDC offers following schemes:
- GRO-E YOUTH SCHEME: aim to encourage youth entrepreneurship and employment creation, thereby expanding South African production capacity
- MCEP: Aim to assist manufacturing companies with working capital
- UIF II: Aim to contribute towards sustainable job creation and retention by supporting job creating transactions while providing concessionary funding
- AFD GREEN ENERGY FUND: Aim to provide finance to renewable energy and energy efficiency projects of smaller scale, as well as manufacturing of green products in South Africa
- YOUTH PIPELINE DEVELOPMENT: Aim to improve the readiness of potential applicants and thereby increase their probability for IDC consideration
- DSCIF: Aim to help the struggling steel industry with an interest subsidy that offers discounts to qualifying clients
- CTCP: Aim to stabilise employment and to improve overall competitiveness in the clothing, textile, footwear, leather and leather goods manufacturing industries
- TECHNOLOGY VENTURE CAPITAL FUND: Aim to provide funding and business support to small companies at early stages of commercialisation (not development) of innovative products, processes and technologies across all sectors
- GREEN TOURISM INCENTIVE PROGRAMME: Aim to encourage privately-owned tourism enterprises to move towards cleaner and renewable energy sources as well as the efficient utilisation of water
- SMEs AND MIDCAP COMPANIES: Aim to assist SMEs and MIDCAP companies to access loan financing for CAPEX, medium and long term working capital
- SECURITY: the form and nature of which will relate to the specific circumstances of the applicant
- COMPLIANCE with international environmental standards
- SHAREHOLDERS/OWNERS are expected to make some financial contribution: The contribution of historically disadvantaged people under special circumstances may be lowered, in which case the corporation will be prepared to extend finance in excess of the owner’s contribution
- SUSTAINABILITY the project. business must show economic merit in terms of profitability and sustainability
- REFINANCE, IDC do not refinance fixed assets, since its aim is to expand the industrial base
- BLACK ECONOMIC EMPOWERMENT, IDC focus on broad-based and expansionary black economic empowerment and black industrialists
Vice President CBL-ACP
PSLO World Bank Group