IDC announces financial results

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SCREEN AFRICA EXCLUSIVE: The Industrial Development Corporation (IDC), a parastatal which invests in competitive industries, disbursed a record R16bn into the South African economy in the 2012 / 2013 financial year, and sustained its funding approvals at the R13bn mark recorded in the previous financial year.

These results were announced in the presence of Minister for Economic Development Ebrahim Patel at the IDCs Annual Results function held on 9 September at their offices in Sandton, Johannesburg.

In his keynote address Minister Patel stressed that the IDCs results had been achieved in difficult market conditions and noted that the current IDC administration had been in office since 2009.

"Over this four-year period the IDC has positively impacted on 133,000 jobs and generated R10bm in profits," said the Minister.

While his address focused on the IDCs activities in the industrial, small business development and green sectors, the Minister did allude to activities within the IDCs Media and Motion Pictures Division.

"The IDC invested in the new South African feature film, Mandela: The Long Walk to Freedom, which is currently premiering in Toronto and releases in South Africa on 29 November. This film, which by all accounts is of Oscar-quality, is an opportunity for South Africans to see the tangible effects of the IDCs involvement in local industries.

"Because the IDC exists to co-invest with the private sector; its important that they ensure a steady flow of funds in order to be effective. While the IDC is not a commercial bank, its not the IDCs job to eliminate risk, rather its job is to manage risk.

"Governments mandate to the IDC is to remain profitable but also to fund projects that other financial entities would not necessarily invest in," stated the Minister.

Commenting on the film industry, IDC CEO Geoffrey Qhena said that apart from financing film projects, it was also important for the IDC to fund channels of distribution and that films provided jobs, whether they were in pre-production, production or post-production.

"In 2010, the IDCs Media and Motion Pictures Division invested in the Cape Town Film Studios and this year we expanded their activities by providing funding for the first water tank in Africa, as well as a beach reservoir at the studios. These permanent outdoor set facilities will help to attract overseas productions. To date big international productions like Dredd, Safe House, Chronicle and Mad Max 4 have been shot at Cape Town Film Studios.

"Last year we invested R80m into Mandela: Long Walk to Freedom, as this is a story that each and every South African should know. We also funded the box office hit Semi-Soet, as well as Vehicle 19, which is currently on circuit," said Qhena.

He explained that the IDC had been drawn to the animation genre because of its potential to develop skills in South Africa. The IDC invested in Adventures in Zambezia 3D, which was released internationally and did particularly well in Russia.

To access the IDCs Annual Results visit www.idc.co.za

Report by Joanna Sterkowicz

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