IDC sets up office in PMB

2011-03-15 00:00

THE Industrial Development Corporation (IDC) has opened an office in Pietermaritzburg.

KwaZulu-Natal regional manager Pat Naidoo said the opening marks the next step in a process started three years ago to develop offices throughout the country.

Pietermaritzburg was chosen because of the significant contribution of the KZN midlands to the provincial economy.

Naidoo was speaking at a function at the Golden Horse Casino last week to mark the opening.

Guest speaker and first lady of the province Dr May Mashego-Mkhize commended the fact that the IDC has chosen to increase its footprint in KZN.

She said her own company, Dick Wittington, is a client of the IDC. “This relationship started long before I became a shareholder and I know that the IDC assisted with bridging finance and recently funded the expansion, which saw the business create more jobs.”

Mashego-Mkhize said the midlands has well-established industries in the metal, wood, leather, dairy, vehicle, clothing and agro-processing sectors, all served by an efficient railway service.

By opening a local office, the IDC can contribute to reviving these industries and create much needed jobs in the province.

Manoj Seonath, also an IDC regional manager, told the gathering that the organisation is 70 years old and is a self-financing, state-owned development finance institution. The minimum funding is R1 million.

The IDC’s focus in the coming years will be to drive South Africa’s industrial development through the Industrial Policy Action Plan and the New Growth Path.

As such the organisation has put together a number of financial packages that will appeal to industry-specific interests.

Details can be obtained from the new offices on the first floor of the Lister & Lister building, 161 Pietermaritz Street. Call 033 328 2560 or visit the website at

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