Published: May 21, 2010
African projects to get financial backing following AfDB agreement.
The Industrial Development Corporation of South Africa (IDC) is to continue its strategy of investing in development projects across the continent after securing a new multi-million dollar funding line.
The organisation has raised US$200mn from the African Development Bank (AfDB), which was arranged through its private sector window.
The proceeds will be used to finance long-term infrastructure, agriculture and other development projects, particularly in poorer countries.
IDC is a state-owned but self-financing development agency that supports projects that enhance productive capacity and economic growth. It backs projects that boost employment and economic growth as well as expand trade and improve local infrastructures.