IDC was being recognised for its contribution to the advancement of black business, company spokeswoman Neo Sowazi said in a statement. The award was presented to IDC president and chief executive officer Khaya Ngqula at the ceremony in Johannesburg on Wednesday night by BusinessMap.
"IDC will continue to support and encourage industrial development through the rapid advancement of Black Economic Empowerment (BEE)," Sowazi said.
She said IDC's pro-activeness in BEE funding dated back to the early nineties, before even empowerment became common business in South Africa.
"One of the first empowerment deals financed by the IDC was a soft drink production deal in East London worth R14-million in 1990. "Since then, IDC has been at the forefront of BEE funding in South Africa". She said between July 1990 and December 2002, IDC has financed 690 BEE deals worth over R6,6-billion.
"On the national level, the R6,6-billion means that IDC has financed almost 15%of total BEE deals in South Africa since 1990".
In the period January to December 2002, the IDC funded a total of 166 BEE deals worth R2,2-billion. "This represents 28% of the national total value of BEE deals in South Africa in 2002," she said. "IDC recognises that balanced and sustainable economic growth is only attainable through full participation of all South Africans. This can only be achieved within an integrated strategy, which includes BEE. The recognition that IDC has received as a Top BEE Financier in 2002, for being at the forefront of BEE through its innovative financial products, BEE initiatives and for financing more "quality" BEE deals in terms of number and value, speaks for itself," she said. – Sapa.
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