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New Football World Cup Business Unit at IDC |
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Monday, 03 January 2005 |
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South African parastatal the Industrial Development Corporation (IDC) has created a new business unit for the purpose of the 2010 Football World Cup to be held in South Africa. The unit, named 2010 SWC Business Funding, will
aim to provide various types of funding, such as working capital, guarantees and secured contract
funding, to medium and large businesses which hope to take up some of the many opportunities on offer in the run-up to, and during, the event, says head of the unit Sicelo Sikakane. "For example, a company may require some working capital because it suddenly needs to double its staff and other resources to fulfil a contract, or a client may require a guarantee before a company will be appointed as a service provider or awarded some other form of contract."
The Development Bank of Southern Africa will facilitate finance for infrastructure, an area in which they have expertise, and the Department
of Trade and Industry?s Khula fund will specifically assist small companies in need of loans for less than a million rands,? says Sikakane. |