IDC, AfDB to drive industry and infrastructure development in Africa

rawpixel 983726 unsplash 1The African Development Bank (AfDB) and the Industrial Development Corporation (IDC) of South Africa, have signed a US$100mn loan agreement to finance industrial and infrastructure projects in Africa

This finance facility will support IDC in delivering on its industrial mandate.

Pierre Guislain, AfDB’s vice-president for Private Sector, Infrastructure and Industrialisation, said, “We’ve been working together with IDC since 2010 and they’ve been a great partner in supporting the “Industrialise Africa” agenda of the Bank’s High 5s.”

“Going forward, we would like to deepen our collaborations by working together even at a subproject level to further promote industrialisation in South Africa and beyond,” he added.

An assessment of the impact of the previous facility (USD 200 million) has shown that the Bank's collaboration with IDC has led to the creation and maintenance of more than 15,000 jobs in selected sectors, including agro-industry, logistics, transport and other industrial infrastructure in multiple countries such as Senegal, Zimbabwe, Mozambique and Swaziland, among others.

The chief financial officer of IDC, Nonkululeko Dlamini, said, “This being the third facility from the AfDB, we look forward to leveraging it in order to meet our ambitious target to disburse over US$100mn that will be used to drive industrialisation and stimulate job creations in coming years.”

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