'IDC created 19,000 jobs'

The Industrial Development Corporation (IDC) has created about 19,000 new jobs and saved about 4000 jobs in the past year, Economic Development Minister Ebrahim Patel said.

"The IDC is an important national asset... and has a unique mandate to industrialise South Africa," Patel said at the release of the IDC's financial performance report in Johannesburg.

"Under difficult market conditions the corporation has remained profitable and maintained an approval rate of R13 billion."

The minister welcomed the IDC's results pointing out that it had almost doubled its achievements in the past four years.

Since 2009, when the current administration came into office, the IDC's total assets rose from R89bn to R127bn. This was a 43 percent growth, Patel said.

The IDC had also invested R45bn in the past four years into projects in the form of equity or loans.

The corporation was injecting funds into the economy and job creation. It had made a profit of R10bn in the past four years.

One of the areas the IDC had invested in was manufacturing. Patel said the IDC had deepened its presence in core manufacturing.

Investment was not only needed in heavy manufacturing but also in light manufacturing, he said.

The IDC was also investing in the services sector, infrastructure development, and the green economy.

Patel said funding was at the IDC's core.

"If we are to maintain high and growing rate approvals... the IDC has to increase its risk appetite," he said.

While the IDC had done well there were some problems Patel said he had told the board to look at.

The IDC had to focus on youth entrepreneurs.

"Bring young talent into industrialisation."

Patel said R2.7bn was available for the next five years for special youth funding.