The Industrial Development Corporation (IDC) board of directors has announced that newly-appointed CEO, Mmakgoshi Lekhethe, will commence her responsibilities on the 1st February 2025.

This comes after Lekhethe’s appointment as the IDC’s first woman CEO early last month.

“The board welcomes Ms. Lekhethe to the IDC and looks forward to her leadership and contribution to the Corporation,” the board said.

Lekhethe is expected to play an important role in furthering the IDC’s mandate as it funds industrial development projects, plays a catalytic role in promoting partnerships across industries within and outside South African borders and promotes regional economic growth.

It disbursed R15.9 billion into the economy in the year to March 31.

Currently, the IDC is working to facilitate discussions aimed at preventing a significant downturn in the local steel industry as ArcelorMittal South Africa (Amsa) prepares to halt its long-steel operations at the Newcastle and Vereeniging plants, potentially affecting over 3 500 employees.

The IDC, which has a 6% stake in Amsa, last year endowed the struggling steel manufacturer with R1 billion to forestall the closure of the Newcastle plant.

Lekhethe brings over two decades of experience in public finance and a proven track record of leadership in global financial institutions, multilateral development banks and prominent economic platforms such as the G20, World Economic Forum (WEF) and BRICS.

She currently serves as Deputy Director-General: Asset and Liability Management at the National Treasury, where she has led initiatives focused on economic and financial sector integration across domestic and regional markets.

She previously held the role of the executive director at the African Development Bank Group in Côte d’Ivoire.

Her academic credentials include a BCom in Economics from the University of Durban Westville, a BCom Honours in Economics from the University of the Witwatersrand, and an MSc in International Economics from the University of London’s School of Oriental and African Studies (SOAS).

The IDC’s mandate is to maximise our development impact through job-rich industrialisation, while contributing to an inclusive economy by, among others, funding black-owned and empowered companies, black industrialists, women, and youth-owned and empowered enterprises.

Simultaneously, the IDC must ensure its long-term sustainability through prudent financial and human resource management, safeguard the natural environment, and increasingly position itself as a Centre of Excellence for development finance.

BUSINESS REPORT