Industrial Development Corporation
Simbarake Chimutanda is an experienced financial professional currently serving as a Senior Analyst and Financial Modeler specializing in Structured Finance and Syndications at the Industrial Development Corporation since August 2022. Prior to this role, Simbarake worked as a Senior Bank Analyst at GCR Ratings from February 2017 to August 2022, focusing on a diverse portfolio of financial institutions across Africa. Simbarake's earlier experience includes serving as a Senior Financial Analyst at Winston Kurtis, where project investment appraisal and financial reporting were key responsibilities, and as the Manager of Advisory Services at Global Village, providing audit and corporate finance advisory services. Simbarake holds a CFA credential from the CFA Institute and a Bachelor's Degree in Accounting from Oxford Brookes University.
Industrial Development Corporation
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The Industrial Development Corporation of South Africa Limited (IDC) was established in 1940 by an Act of Parliament (Industrial Development Corporation Act, No. 22 of 1940). The IDC was mandated to develop domestic industrial capacity, specifically in manufactured goods, to mitigate the disruption of trade between Europe and South Africa during the Second World War. For more than 70 years the IDC has contributed to the implementation of South Africa's industrial policy and has established, among others, the petro-chemicals and minerals beneficiation industries. We have stimulated large industrial projects in these industries - acknowledged today as the cornerstones of the country's manufacturing sector - and influenced the establishment of industries in fabricated metals, agriculture and clothing and textiles. The IDC's funding is generated through income from loan and equity investments and exits from mature investments, as well as borrowings from commercial banks, development finance institutions (DFIs) and other lenders. We align our priorities with government's policy direction and remain committed to developing the country's industrial capacity, as well as playing a major role in facilitating job creation through industrialisation.