The Coega Development Corporation (CDC) secured R1.84-billion in ten new investments in the 2013/14 financial year, becoming the first industrial development zone (IDZ) on the continent to attract a double-digit portfolio of investors in a 12-month period.
The CDC’s self-generated revenue grew by 29% year-on-year to R383-million and, for the first time since its inception, self-generated revenue exceeded State funding by 12%.
By the end of the 2013/14 financial year, the CDC had 25 operational investors with several other projects, valued at R3.3-billion, under construction in the IDZ, and was forecast to reach 30 operational investors by the end of the 2014/15 financial year.
CDC contributed to job creation and skills development, benefiting 16,131 individuals directly and indirectly from employment on Coega IDZ and other infrastructure projects.
The CDC also trained 14, 441 people in critical skills needed for various industries, particularly artisans and invested over R17-million in community projects.
To date, the corporation had projects in negotiation stage that were valued at R8.1-billion and those under feasibility stood at R116.3-billion.
However, the total investment portfolio amounted to R151-billion as at March 2014 and was expected to reach R200-billion within the next two years.
By: Natalie Greve
http://www.engineeringnews.co.za/article/coega-idz-secures-r184bn-investment-in-2014-2014-11-17/rep_id:3182
