ANNOUNCEMENT 08 Aug 2019

The South African government-funded Industrial Development Corporation has announced the approval of a loan to Lionsteel (Pty) Ltd.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Industrial Development Corporation. Disclosure of IDC Funded Business Partners in 2019 and in the first quarter of 2020. Available at: https://www.idc.co.za/wp-content/uploads/2020/08/Copy-of-IDC-Funded-Business-Partners-List-Q4-of-2019-20-FY-18-August-2020.pdf

Inception date: 08 Aug 2019 | Removal date: open ended

State loan

The Industrial Development Corporation of South Africa (IDC) made publicly available the list of IDC funded businesses in 2019 and in the first quarter of 2020.

One of the beneficiaries has been Lionsteel (Pty) Ltd, which on 8 August 2019 has received R153.5 million (approx. USD 10.2 million at the time of formalization of the credit line). Lionsteel (Pty) Ltd is a South African pipeline producer.  

The Industrial Development Corporation (IDC)

The IDC is a government-funded South African development finance institution that seeks to promote economic growth and industrial development. To achieve these objectives, the IDC uses different financial instruments such as debt, equity and quasi-equity, guarantees, trade finance and venture capitals, to finance entrepreneurs and companies, helping them to enhance their industrial capabilities.

The funds are limited to companies enclosed in the following sectors: agro-processing and agriculture, chemical products and pharmaceuticals, basic and specialty chemicals, clothing and textiles, heavy and light manufacturing, media and audiovisuals, machinery and equipment, tourism, automotive and transport equipment, industrial infrastructure and basic metals and mining.

 

AFFECTED SECTORS