Tshokolo Nchocho ap­pointed as IDC chief ex­ec­u­tive for five years

Cape Times - - NEWS - SIPHELELE DLUDLA

THE CAB­I­NET yes­ter­day an­nounced that it had ap­proved the ap­point­ment of Tshokolo Nchocho as the chief ex­ec­u­tive of the coun­try’s largest devel­op­ment fi­nance in­sti­tu­tion, the In­dus­trial Devel­op­ment Cor­po­ra­tion (IDC), on a five-year con­tract.

Nchocho has both aca­demic qual­i­fi­ca­tions and ex­ten­sive ex­pe­ri­ence in devel­op­ment fi­nance and bank­ing.

His ex­pe­ri­ence in devel­op­ment fi­nance and bank­ing stretches over a 28-year pe­riod, in­clud­ing a lengthy pe­riod at the Devel­op­ment Bank of South­ern Africa and as the chief ex­ec­u­tive of the Land Bank.

He holds a BCom de­gree from the then Univer­sity of the North (now Univer­sity of Lim­popo), a Mas­ter of Busi­ness Lead­er­ship from Unisa and a Mas­ter’s de­gree in Devel­op­ment Fi­nance from the Univer­sity of Lon­don; and an Ad­vanced Man­age­ment Pro­gramme from the Har­vard Busi­ness School.

This as the term of of­fice of the cur­rent chief ex­ec­u­tive, Ge­of­frey Qhena, who has been at the helm of the cor­po­ra­tion for 13 years, comes to an end on De­cem­ber 31 fol­low­ing his de­ci­sion to step down, an­nounced in Au­gust this year.

Un­der Qhena’s watch, in­vest­ment in green en­ergy has in­creased sig­nif­i­cantly and the IDC in­tro­duced its black in­dus­tri­al­ists pro­gramme.

The Cab­i­net ex­tended its ap­pre­ci­a­tion to Qhena and wished him well in his fu­ture en­deav­ours.

The Cab­i­net’s act­ing spokesper­son, Phumla Wil­liams, said in a state­ment that the gov­ern­ment noted the progress made in the past five years, where IDC in­vest­ment com­mit­ments to­talled R72 bil­lion, an in­crease of 30 per­cent com­pared to the pre­vi­ous cor­re­spond­ing pe­riod.

The Cab­i­net said these in­vest­ments, in turn, at­tracted a large level of pri­vate-sec­tor in­vest­ments, bring­ing the in­vest­ment level to R176bn and creat­ing or sav­ing 105 822 di­rect jobs.

SIM­PHIWE MBOKAZI African News Agency (ANA)

TSHOKOLO Petrus Nchocho will be the new chief ex­ec­u­tive of the In­dus­trial Devel­op­ment Cor­po­ra­tion. |

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