KwaZulu-Natal Business 2016-17 edition

PROFILE
Financing KZN businesses
to grow the economy
Pat Moodley, Regional Manager of the Industrial Development Corporation's (IDC)
KwaZulu-Natal region, shares his insight on the potential for small and large
businesses in the province.
The IDC is South Africa’s largest development finance
institution. Since its inception in 1940, it has
helped to build the industrial capacity that fuels
the country’s economic growth by funding viable
businesses. For more than 75 years, the IDC has
been instrumental in implementing South Africa’s
industrial policy, establishing some of the industries
that have since become the cornerstone of
the country’s manufacturing sector. Apart from
large industrial projects, the IDC has also been
instrumental in the establishment of other industries,
such as fabricated metals, agro-industries,
clothing and textiles, to name but a few.
BIOGRAPHY
Pat Moodley, Regional Manager of the IDC for the
KwaZulu-Natal region, states that the corporation's
mission has always been to be the primary
driving force of commercially sustainable industrial
development and innovation for the benefit
of South Africa, in addition to the rest of the
African continent. The IDC strives to contribute
to the generation of balanced, sustainable economic
growth and the economic empowerment
of South Africans.
The IDC has undergone numerous changes
since its inception and Moodley affirms that,
“although our priorities have evolved in line with
policy direction over the years, we remain committed
to developing the country’s industrial
capacity and, in doing so, playing a major role
in job creation.”
Rapid growth
In recent years, KwaZulu-Natal (KZN) has experienced
rapid economic growth and the province's
Pat Moodley is the Regional Manager of the
Industrial Development Corporation (IDC) for
the KwaZulu-Natal Region. He has been with
the IDC for 10 years and is passionate about
economic development in the KZN province.
He previously worked for a commercial bank,
specialising in the SME market prior to joining
the IDC. Moodley holds a B Com degree in accounting
and a National Diploma in Commerce.
He is presently completing his MBA.
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