Cabinet has approved the appointment of Tshokolo Nchocho as CEO of the Industrial Development Corporation (IDC), the country's largest development finance institution.
Nchocho, who was appointed on a five-year contract, has both academic qualifications and extensive experience in development finance and banking, said a statement by the Government Communication and Information System on Thursday following Cabinet's meeting on Wednesday at Tuynhuys in Cape Town.
He holds a BCom degree from the then University of the North (now University of Limpopo), a Master of Business Leadership from UNISA and a Master's degree in Development Finance from the University of London as well as an Advanced Management Programme from the Harvard Business School.
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 CEO of the Land Bank.
The current CEO, Geoffrey Qhena, announced his decision to step down in August this year.
Qhena has served for almost 20 years as an official of the IDC, of which 13 years were as CEO of the corporation. His term of office ends on 31 December 2018.
"Under his watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme.
"Cabinet notes 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. 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," said the statement.
Cabinet extended its appreciation to Qhena and wished him well in his future endeavours.
