AFD and the Industrial Development Corporation of South Africa Limited (IDC) sign new agreement to expand areas of collaboration
published on 12 October 2018
Mr. Rémy Rioux, Chief Executive Officer of Agence Française de Développement (AFD) and Mr. Geoffrey Qhena, Chief Executive Officer of Industrial Development Corporation of South Africa Limited (IDC) have today signed a Memorandum of Understanding (MoU) marking a new journey of collaboration in the 25 year-long relationship between the two organizations. The signing ceremony which took place in Bali, Indonesia, during the World Bank Group and International Monetary Fund’s Annual Meetings, was attended by representatives of bilateral and multilateral development financial institutions.
“IDC is one of AFD’s historical partners in South Africa. This MoU which we have just signed marks the beginning of a new journey of collaboration between us and the IDC on a range of issues which are core to AFD’s mandate. These include women entrepreneurship, climate change and the transition to a low-carbon energy economy. They are fully in line with our strategic commitments of being “100% Paris Agreement-compliant” and “100% social link” to fight inequalities and bolster social cohesion. ”, said Mr. Rioux.
“This joint collaboration as embodied in the MOU will enable the IDC to have further impact on women and youth entrepreneurship in South Africa and thus promoting IDC’s mandate of economic development in these key areas”, said Mr. Qhena.
Over the years, the AFD Group, through its private sector-focused subsidiary Proparco, has granted the IDC several credit lines to finance infrastructure projects in South Africa aimed at promoting black-owned small and medium enterprises (SMEs) in the process fostering much needed job creation efforts. In addition, the IDC and AFD also partnered together on Pan African Capacity Building Programs (PACBP), such as the African Program On Rethinking Development Economics (APORDE).
The MoU further outlines the two organizations’ willingness to continue working to support job creation and the growth of SMEs in South Africa, at the same time as venturing into new areas of growth.
For more information, please contact:
- Chiara Frisone, Regional Communication Officer, AFD - +27 72 664 8003 - frisonecm.ext@afd.fr
- Zama Luthuli, Divisional Executive, Corporate Affairs, IDC - +27 269 3000 - zamal@idc.co.za
