NEF merges with IDC to advance development of black industrialists

The National Empowerment Fund (NEF) will become a wholly-owned subsidiary of the Industrial Development Corporation (IDC) in a move designed to better meet the considerable demand for funding by black entrepreneurs. The two entities were identified by government as central in implementing radical economic transformation and development policies, particularly considering renewed efforts to develop black industrialists. The merger will promote increased broad-based black economic empowerment, with a specific focus on promoting black industrialists.