New IDC deal continues Zuma's radical transformation vision

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(iStock)
(iStock)

Cape Town - The National Empowerment Fund (NEF) will become a wholly-owned subsidiary of the Industrial Development Corporation (IDC) in order to meet the considerable demand of funding for black entrepreneurs.

According to a statement by the Department of Trade and Industry (DTI), the ministers of trade and industry and economic development signed the deal in Cape Town on Wednesday. The DTI and the Economic Development Department (EDD) regard the deal as "a landmark breakthrough for South Africa’s quest for inclusive growth and radical economic transformation".

It is seen as being in line with President Jacob Zuma's statements in the State of the Nation Address last Thursday that the quest for radical economic transformation must seek “fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy in favour of all South Africans, especially the poor, the majority of whom are African and female”.

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