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IDC to invest R25bn in 'green economy'
According to Economic Development Minister Ebrahim Patel, the Industrial Development Corporation (IDC) will invest R25-billion in South Africa's "green economy" over the next five years. "We have started with the installation of solar water geysers in new low-cost houses" Patel reported, "and, to date, have 25 000 units installed through a partnership that includes the IDC."
Speaking at a media briefing at Parliament in Cape Town, Patel said that a further 170 000 solar water geysers units are planned. This project, he promised, will contribute to employment creation and strengthen local components-manufacturing. According to Patel, it is the department's intention to improve the sourcing of components so they shortly reach at least 85% in local content.
Patel announced that South Africa's New Growth Path would boost the economy by increasing the amounts of money spent on various projects, as well as ramping up the agro-processing and farming sectors. In addition, he said, the IDC would make R5-billion in funding available to the country's agro-processing sector over the next five years. Another government project, Patel said, could result in thousands of jobs. "We are working on a project to set up the world's first integrated metals plant beneficiating titanium, zirconium, vanadium, magnesium and silicone," he concluded.
Read the full article on www.southafrica.info.
