Question NW1828 to the Minister of Economic Development
23 September 2016 - NW1828
Cardo, Dr MJ to ask the Minister of Economic Development
What amount in funding did the Industrial Development Corporation commit to the establishment of the Beijing Automobile International Corporation automotive assembly plant at the Coega Industry Development Zone?
Reply:
The IDC will be subscribing for 35% shareholding in the project and has committed a funding package totalling R1,5 billion for this purpose. This funding package is made up of subscription of ordinary shares, shareholder’s loan and shareholder guarantees proportional to its envisaged 35% shareholding in the project company. The rest of the funding for the project costs will be invested by the BAIC Group, local and international banks.
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