Tshokolo Nchocho appointed as IDC chief executive for five years
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.