IDC and PIC agree to explore investment opportunities

IDC CEO Mmakgoshi Lekhethe and PIC CEO Patrick Dlamini at the signing of the MoU
The Industrial Development Corporation (IDC) and the Public Investment Corporation (PIC) have signed a new memorandum of understanding under which the two State institutions will explore co-investment prospects.
A previous partnership framework, which expired in December 2017, culminated in the conclusion of the PIC Green Bond and the UIF Fund 2.
The two entities are already in discussion on the potential for a UIF Fund 3 to fund job-rich projects in the sectors supported by the IDC and PIC, which has R3.5-trillion in assets under management.
IDC CEO Mmakgoshi Lekhethe said the development financier’s past collaboration with the PIC helped it to invest in renewable-energy projects, while also creating and saving jobs through the UIF Fund.
PIC CEO Patrick Dlamini said that, through the new partnership, the PIC aimed to support the reindustrialisation of the South African economy and catalyse new and emerging industries such as green hydrogen, critical minerals, the electric vehicle value chain and infrastructure, advanced manufacturing, e-commerce, and high-value agriculture and agro-processing.
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