Nedbank CIB concludes R1bn funding facility for the IDC

10th June 2024 By: Creamer Media Reporter

Nedbank CIB concludes R1bn funding facility for the IDC

Nedbank Corporate and Investment Banking (CIB) has concluded a R1-billion term funding facility for the State-owned Industrial Development Corporation (IDC) of South Africa.

The funding will support the IDC in its mandate to promote industrial capacity, foster an inclusive economy and maximise development impact across various sectors, as well as assist the State-owned entity to secure capital from debt capital markets, development finance institutions and commercial banks.

Nebank CIB states that the collaboration underscores Nedbank's continued support of the IDC's initiatives, ensuring the funding is used to create and sustain jobs, stimulate industrialisation and contribute positively to both South African and broader African markets.

“We are proud to extend our long-standing relationship with the IDC through this term funding. Our partnership is a testament to Nedbank's commitment to fostering economic growth and development in South Africa and beyond.

“By supporting the IDC, we are not only facilitating financial stability, but also enabling critical developmental projects that drive regional integration and economic empowerment,” Nedbank CIB Public Sector, Construction and Technology, Media and Telecommunications Finance principal Kerrbyn Ramballie comments.

“The longstanding relationship between the IDC’s Corporate Treasury and Nedbank has proven invaluable during challenging times, allowing Nedbank to partner with the IDC and provide essential liquidity to support our developmental funding efforts,” says IDC CFO Isaac Malevu.