Nedbank CIB inks R1bn funding facility for IDC

The five-year R1 billion term funding facility was concluded on a bilateral basis, further cementing the relationship between Nedbank and the IDC. Photo: Reuters

The five-year R1 billion term funding facility was concluded on a bilateral basis, further cementing the relationship between Nedbank and the IDC. Photo: Reuters

Published Jun 11, 2024

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Nedbank Corporate and Investment Banking (Nedbank CIB) yesterday announced a R1 billion term funding facility for the Industrial Development Corporation (IDC) of South Africa.

The funding is aimed at supporting the IDC’s mandate to promote industrial capacity, foster an inclusive economy and maximise development impact across various sectors.

“The funding that Nedbank provided will support the IDC’s ability to secure necessary capital from debt capital markets, development finance institutions and commercial banks. This collaboration underscores Nedbank’s continued support of the IDC’s initiatives, ensuring that the funding is used to create and sustain jobs, stimulate industrialisation, and contribute positively to both South African and broader African markets,” Nedbank CIB said in a statement.

Kerrbyn Ramballie, the principal of public sector, construction, and technology, media and telecommunications finance at Nedbank CIB, highlighted the importance of this facility: “We are proud to extend our long-standing relationship with the IDC through this term funding.

“Our partnership is 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.”

The five-year R1bn term funding facility was concluded on a bilateral basis, further cementing the relationship between Nedbank and the IDC.

Isaac Malevu, chief financial officer at the IDC, said it was of critical importance to access much-needed funds to sustain and significantly contribute to the IDC’s development mandate.

“The long-standing relationship between the IDC’s Corporate Treasury and Nedbank has proved invaluable during challenging times, allowing Nedbank to partner with the IDC and provide essential liquidity to support our developmental funding efforts,” he said.

Lerato Mangope, the retiring IDC head of corporate treasury, reflects as follows on the significance of their relationship with Nedbank and the secured facility, “As I leave the IDC for retirement, I take pride in having contributed to this milestone.”

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