Appointment: Chief Executive Officer (CEO) of the Industrial Development Corporation (IDC)
Cabinet has approved the appointment of Mr Tshokolo Nchocho as CEO of the IDC on a five-year contract. The IDC is the country’s largest development finance institution.
Mr Nchocho has both academic qualifications and extensive experience in development finance and banking. 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.
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 CEO of the Land Bank.
The current CEO, Mr Geoffrey Qhena, has served for almost 20 years as an official of the IDC, of which 13 years were as CEO of the corporation. His term of office ends on 31 December 2018 following his decision to step down, announced in August this year.
Under his watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme. Cabinet notes the progress made in the past five years, where IDC investment commitments totalled R72 billion, an increase of 30% compared to the previous corresponding period. These investments in turn attracted a large level of private-sector investments, bringing the investment level to R176 billion and creating or saving 105 822 direct jobs. Cabinet extends its appreciation to Mr Qhena and wishes him well in his future endeavours.
Enquiries:
Ms Phumla Williams
Cell: 083 5010 139
