Always confirm details on the official source before acting.
What this means
This document is an IDC (Industrial Development Corporation of South Africa Limited) press release dated 12 May 2009. It announces that IDC has received a EUR 60 million credit line from the European Investment Bank (EIB) to finance private sector small and medium-sized enterprises (SMEs) in the industrial, resources and services sectors. The agreement was signed in March 2009, and the EIB and IDC leadership comment on the loan’s role in supporting the private sector, employment creation, and improving SME access to funding amid high financing costs and market volatility.
Facts
Reference
MID-1990S
Key Takeaways
Document: IDC press release titled 'IDC CONCLUDES EUR60M LOAN WITH EUROPEAN INVESTMENT BANK'
Date posted: 12 May 2009; time: 14:21
Parties: Industrial Development Corporation of South Africa Limited (IDC) and European Investment Bank (EIB)
Amount: EUR 60 million credit line/loan
Purpose: finance private sector SMEs in industrial, resources and services sectors
Agreement signed: March 2009
EIB official: Vice President Plutarchos Sakellaris (responsible for lending operations in South Africa)
IDC official: CEO Geoffrey Qhena
IDC prior EIB relationship: four credit lines totalling about EUR 165 million since mid-1990s
Industrial Development Corporation of South Africa Limited (IDC)
