ENIDC Joins Forces with IDC to Create New Opportunities for Businesses in Eswatini 

By Inside Biz

The Eswatini National Industrial Development Corporation (ENIDC) has partnered with the Industrial Development Corporation (IDC) of South Africa, a provider of private credit, to create new opportunities for businesses in Eswatini.

The two entities will partner in developing projects in critical sectors such as agro-processing and agriculture, manufacturing, and energy. 

In a press release, ENIDC notes that Eswatini saw economic recovery during 2021 and into 2022 following the global economic decline caused by the Covid-19 pandemic. 

The organization says that building on that positive news, the government of the country is identifying opportunities to continue the push for greater economic growth. 

“The government’s mandate is to move towards sustainable economic growth, and this has resulted in the signing of a Memorandum of Understanding between the Eswatini National Industrial Development Corporation (ENIDC) and Industrial Development Corporation (IDC) of South Africa, wherein the two entities will partner in developing projects in critical sectors such as manufacturing, energy, and agriculture.” 

Since both organizations focus on providing much-needed capital to businesses, the outlook for the businesses of Eswatini is positive. Through the type of economic growth that follows deals of this sort, many people’s quality of life may be impacted.

The Industrial Development Corporation is a provider of private credit to businesses in growing sustainable and support industries.

In a similar vein, the ENIDC is tasked with helping to finance new business operations and to promote the expansion and modernization of existing firms through the provision of capital. 

As such, there is a significant overlap in the goals of the two organizations, which bodes well for their future combined endeavours. 

Launching the Agreement at an event in Johannesburg, South Africa at The Industrial Development Corporation Head Offices on 17th May 2023, Muzikayise Dube, ENIDC’s CEO, commented. 

“This is an important milestone not just for the ENIDC but for the entire Eswatini. Through our partnership with Industrial Development Industry which has a well-established footprint across Southern Africa, we will be able to extend much-needed funding to businesses in Eswatini, so helping to grow the economy and create jobs.”

The IDC CEO also commented on the importance of the partnership.

“For IDC, concluding the cooperation agreement with ENIDC is important since it solidifies our partnership with ENIDC and allows for sharing of information and strategies for Africa’s success and economic growth”, IDC CEO, T.P Nchocho explained.

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