{"id":22388,"date":"2012-09-19T01:51:48","date_gmt":"2012-09-18T23:51:48","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=22388"},"modified":"2012-09-19T09:07:01","modified_gmt":"2012-09-19T07:07:01","slug":"idc-ups-ict-funding-to-r532m","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/government\/22388\/idc-ups-ict-funding-to-r532m\/","title":{"rendered":"IDC ups ICT funding to R532m"},"content":{"rendered":"

The Industrial Development Corporation (IDC<\/a>) increased its investment in the ICT\/tech space in the financial year ending March 2012, with 14 new industry funding approvals.<\/p>\n

The total value of financing approved for the ICT\/tech sector in the financial year improved to R532 million – up from R410 million in 2011 – while the total number of jobs created or saved amounted to 1,766, according to Mahomed Moolla<\/a>, head of ICT at the IDC.<\/p>\n

Earlier this month (September 2012) the IDC reported 55% growth in its funding activity to R13.5 billion, while the number of funding approvals rose by 33% to 293 in the financial year ending March 2012.<\/p>\n

It represents the government owned corporation\u2019s highest-ever level of investment in the local economy, making a considerable contribution to job creation, said IDC chief executive, Geoffrey Qhena<\/a>.<\/p>\n

According to the IDC, the rise in the number of approvals in the year under review would help to create or sustain about 45,900 local jobs, compared to 39,400 in the previous financial year.<\/p>\n

Notable transactions<\/strong><\/p>\n

According to Moolla, the ICT Strategic Business Unit (SBU) approved funding to a start-up company with first-mover advantage in the provision of open-access \u201clast-mile\u201d connectivity to end-users.<\/p>\n

He said that funding was also approved for an electronics manufacturer in the Eastern Cape, creating 150 jobs to manufacture TVs for Samsung<\/a>.<\/p>\n

Additional broadband supply-side interventions included the financing of a contractor to execute on fibre installation work for MTN<\/a>, Vodacom<\/a> and DFA and, in the process, creating 589 jobs.<\/p>\n

Areas of focus for the IDC in the tech space includes:<\/p>\n