NATIONAL ASSEMBLY
WRITTEN REPLY
QUESTION NO 611
DATE OF PUBLICATION: 27 MARCH 2013
Mr K S Mubu (DA) to ask the Minister of Economic Development:
a) How many companies have benefited from the Industrial Development
Corporation (IDC) fund for companies in distress since its inception;
b) What amount was spent on each company; and
c) how many jobs have been (i) saved and (ii) created? NW769E
REPLY
a) Since the inception of the fund, 109 companies have benefited from the
fund.
b) The size of the transaction ranged from R1.25 million to R1,1 billion,
with an average transaction size of R39 million.
c) At the time of approving the loans, it was expected that:
i) 32 100 jobs would be saved at the time of the loan being approved; and
ii) 7 700 new jobs would be created within 4 years of loan approval.
A survey of 22 companies that received distressed company funding
suggests that 94% of the expected jobs were actually realised.