South Africa's state lender put R23.4bn into 48 Black firms
The Industrial Development Corporation's funding for Black industrialists went to manufacturing and other value-adding sectors last year, the trade minister says.
Pretoria — South Africa's Industrial Development Corporation committed R23.4 billion to 48 Black industrialists in 2025, the trade minister has told parliament, the Mail & Guardian reports.
Parks Tau, the Minister of Trade, Industry and Competition, gave the figure in reply to a question from Thokozani Langa, an Inkatha Freedom Party member of parliament.
The money went through a programme aimed at manufacturing and other sectors that add value to raw materials. Tau said his department ensures that Black-owned businesses gain access to finance through its Black Industrialist Scheme.
A campaign promise
The funding follows a commitment President Cyril Ramaphosa made during the 2024 election campaign. "We are going to tell the banks to relax their requirements so that it is easy for our people to get funding," he said then.
Other deals
The corporation has also recently taken a 33% stake in the sugar producer Tongaat Hulett South Africa, along with equity in Vision Sugar Group operations elsewhere in the region.
On the figures given, the average commitment works out at close to R490 million per business.
This report is based on reporting by the Mail & Guardian.
