IDC pays R1bn to bail out firms

THE Independent Development Corporation has paid out R1,2billion to 25 distressed companies and is weighing another 34 applications worth R2,4billion.

THE Independent Development Corporation has paid out R1,2billion to 25 distressed companies and is weighing another 34 applications worth R2,4billion.

Presenting an update inParliament, IDC chief Geoffrey Qhena said the state-run office was hunting new sources of borrowing to keep up the anti-recession stimulus programme. - Brendan Boyle

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