Qhena was reappointed after steering the IDC to expand its level of investments and enter the green energy sector, the department said in a statement.
He also increased the support for industrialisation, job creation and the development of black industrialists.
Busi Mabuza was appointed to replace Monhla Hlahla as IDC chair.
Mabuza served as an IDC board member for three years and held a BA in Mathematics and Computer Science, and an MBA in Finance and Information Systems.
Economic Development Minister Ebrahim Patel announced the appointments at the IDC AGM on Thursday.
Three people who had not previously served on the board were appointed as board members.
They are Transnet CEO Brian Molefe, BP SA chair Thandi Orleyn and Nomavuso Mnxasana, who serves on a number of other boards such as Land Bank and Nedbank.
The board members who were reappointed are:
- Bobby Godsell
- Sizeka Magwentshu-Rensburg
- Lael Bethlehem
- Brian Dames
- Zwelinzima Vavi
- Philisiwe Mthethwa
- Nimrod Zalk
The IDC is the country’s largest development finance institution, with an asset base of R100 billion.