Cabinet on Thursday announced it approved the appointment of Tshokolo Nchocho as the chief executive of the country’s largest development finance institution, Industrial Development Corporation (IDC), on a five-year contract.
Nchocho has both academic qualifications and extensive experience in development finance and banking. His experience in development finance and banking stretches over a 28-year period, including a lengthy period at the Development Bank of Southern Africa and as the chief executive of the Land Bank.
He holds a BCom degree from the then University of the North (now University of Limpopo), a master of business leadership from University of South Africa, and a master’s degree in development finance from the University of London; and an advanced management programme from the Harvard Business School.
This as the term of office of current chief executive, Geoffrey Qhena, who has been at the helm of the corporation for 13 years, comes to an end on December 31 following his decision to step down, announced in August this year.
Under Qhena’s watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme.
Cabinet extended its appreciation to Qhena and wished him well in his future endeavours
Cabinet acting spokesperson Phumla Williams said in a statement that government noted the progress made in the past five years, where IDC investment commitments totalled R72 billion, an increase of 30% compared to the previous corresponding period.
Cabinet said these investments, in turn, attracted a large level of private-sector investments, bringing the investment level to R176 billion and creating or saving 105,822 direct jobs.