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IDC COVID-19 Funding Interventions

Recent unprecedented global developments have had an immense impact on South Africa. Due to the Covid-19 pandemic, we have suddenly found ourselves in uncharted waters.

Although it’s too early to quantify the impact of the pandemic, many analysts believe that the global economy is headed for a downward spiral – barely 12 years after the 2008 financial crisis that triggered a worldwide recession.

Although there are parallels, this pandemic is a different ball game altogether. It is a game changer that will alter our economic and social realities for the foreseeable future. It won’t only affect the bottom line of large corporates but small enterprises and start-ups, too. Most importantly, it places our health at risk.

Against this backdrop, you – our clients, businesses and stakeholders, including our communities – have good reason to be despondent. But there is some light on the horizon. Without downplaying the impact of the pandemic on our economy, we could well argue that it has galvanised cross-sections of our society into action. This newfound camaraderie is sorely needed in the fight against this invisible enemy.

Our response to this crisis has given birth to new ideas on how we can keep healthy by working from home without disrupting the production momentum of essential services. Despite the lockdown, the IDC remains open for business. Other than the skeleton staff still at work, most of our employees have heeded the government’s directive to work remotely.

We are aware of the strain that some of you are experiencing during this period. As a consequence, we at the IDC – your partner and development funder of choice – have devised a range of Covid-19 funding interventions aimed at alleviating the impact of this pandemic on our economy. We have drawn up stringent criteria, because not every applicant is eligible to access these emergency Covid-19 funds.

In the face of this grave challenge our country is facing, I assure you that we will continue to implement targeted strategies and funding initiatives aimed at deepening industrialisation and accelerating social and economic transformation.

We remain committed to developing the industries of the future, particularly those with the potential to bolster
innovation, increase productivity and boost economic growth. We further recommit to strengthening our support for the government’s transformation and empowerment objectives in the face of this pandemic.
I wish you, our esteemed client, a healthy and incident-free lockdown.

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