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CABINET COMMENDS IDC FOR ITS INVESTMENTS IN SOUTH AFRICA

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CABINET COMMENDS IDC FOR ITS INVESTMENTS IN SOUTH AFRICA
In its latest meeting, Cabinet welcomed the increase in funding by the Industrial Development Corporation (IDC) for its investment in productive capacity in South Africa, as reflected in its recently released financial results. Cabinet especially noted that during National Women’s Month, IDC approved funding of R3,2bn for women-empowered businesses – an increase of 178% on the previous year. In addition, over the past five years, IDC committed R68bn on project investment within the country. Cabinet congratulated IDC on this performance at a time when efforts to boost investment and job creation are crucial.

Other key points discussed at the Cabinet meeting include:

  • Cabinet welcomed the announcement from the Minister of Environmental Affairs that South Africa is finalizing audits of all existing privately owned rhino horn stockpiles. This will assist in preventing the potential smuggling of illegally obtained rhino horns. Cabinet emphasised that South Africa remains committed to a regulated process that manages the trade in threatened or protected species in line with domestic and CITES’ provisions.
  • Cabinet condemned the leak of a Cabinet Memo proposing options for recapitalizing South African Airways and henceforth tasked the Justice, Crime Prevention and Security Cluster to investigate the leak of classified information.
    Click here to view the full meeting statement.

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