IDCE’S E100M ON ESWATINI MOBILE, WUNDERSIGHT & LOANS

MBABANE – The Industrial Development Company of Eswatini (IDCE) disbursed about E100 million in the acquisition of shares at Eswatini Mobile, Wundersight solar project and issuance of loans.

This was disclosed by Chief Executive Officer (CEO) Phiwayinkhosi Ginindza, who mentioned that they had spent E20 million in the Eswatini Mobile shares which culminated in the ownership of a two per cent stake.

Other current shareholders of the mobile telephony company are: Cherrybite (PTY) Ltd, Stage 1 Communications (PTY) Ltd, Swazi Mobile Trust Limited, members of Parliament and Designated Office Bearers Pension Fund together with ESJ Software Limited.

Ginindza also mentioned that they had also invested a sum of money, which he could not disclose, to acquire 25 per cent shares at Wundersight solar power project based at Siteki, KaLanga. The plant, located on a 20 hectare farm, could employ nearly 110 employees at the 21 megawatt plant, which will be the second phase of their solar power generation strategy. The first phase is an 850 kilowatt plant.

IDCE stated that the rest of the money, which adds up to the E1 million, was spent on corporate loans, agricultural loans, asset lease finance, small and medium enterprises finance.

From observations based on received and approved applications, Ginindza was asked which businesses were the most common among emaSwati, to which he responded; “It’s the SME sector, which is highly indicative that the spirit if entrepreneurship is alive within the people of Eswatini.”
When asked how the financed businesses made an impact terms of fulfilling the core mandate of IDCE, Ginindza said the biggest win was job creation.

Funded

“These funded businesses employ emaSwati and unemployment is one of the challenges that the government is intent on solving,” Ginindza explained.
When further probed what would be IDCE’s main focus in terms of providing finance, Ginindza said IDCE was not selective in terms of the viability of a project.

“As a development financier, we focus on developmental impact both socially and economically,” Ginindza clarified.
During the ongoing Association of African Development Finance Institutions (AADFI) training convened at Lugogo Sun Hotel yesterday on Mastering

Agriculture Financing and Value Chain Lending, Ginindza said at a national level, a decision has been made to stimulate beneficiation/agro-processing within the agriculture value chain.

“One of the targeted value chain is horticulture. As a result, Eswatini will be hosting a Cold Chain Summit from the 7th to the 8th of August, which will be the first of its kind in the country.  The biggest topic to be discussed is the issue of avoiding the spoilage of produce,” said Ginindza.

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