Building a resilient, prosperous, and inclusive economy
As Ithala Development Finance Corporation (IDFC) we manage fully integrated business activities that provide a range of financial and property services throughout KwaZulu Natal. Our mandate is to promote development in the province.
Ithala Development Finance Corporation Limited (IDFC or Ithala) was established in 1958 as a development finance agency, wholly owned by the province of KwaZulu-Natal, mandated to assist government in promoting economic development and empowerment in the province. In its current form, Ithala functions through the promulgation of the KwaZulu-Natal Ithala Development Finance Corporation Act, 2013 (Act No. 5 of 2013), under them oversight of the Board and reports to the Provincial Department of Economic Development, Tourism and Environmental Affairs (EDTEA). Ithala is listed as a Schedule 3D Provincial Business Enterprise in terms of the Public Finance Management Act (No. 1 of 1999, as amended) (PFMA).
To accelerate economic growth and transformation, entrepreneurship, and job creation for the people of KwaZulu-Natal, by:
- Promoting investment in development projects,
- Optimising the property portfolio,
- Supporting sustainable small enterprises,
- Facilitating skills development, and
- Serving as the preferred implementing agent for economic and infrastructure projects
The Mission is enabled by:
Building a capable, ethical, and sustainable organisation.
To achieve the intended impact of sustainable and competitive SMME’s and co-operatives contributing meaningfully to radical socio-economic transformation and job creation in the KwaZulu-Natal Province.
Integrity
- We uphold the highest standards of integrity, ensuring that accountability and ethical behaviour guide every decision we make.
We are committed to transparency, honesty, and responsibility in all our actions, building trust with our stakeholders while delivering on our mandate for the sustainable development of the people of KZN.
Innovative
- We combine traditional values with modern, forward-thinking approaches to create meaningful change. We continually innovate by blending tacit knowledge and modernisation, delivering impactful solutions while respecting the principles that define our success.
Customer-centric
- We prioritise our customers’ evolving needs and maintain the highest standards of professionalism in all interactions, promoting growth and impactful solutions.
- We are committed to inclusivity, empowering disadvantaged communities and ensuring equal access to opportunities, with a focus on Black women, youth, and persons with disabilities.
Teamwork
- We promote teamwork and collaboration across all levels, accelerating the achievement of common goals and creating a harmonious work environment.
We value and respect every individual, accelerating progress by promoting diversity and leveraging modern technology to drive transformative results.
Sustainability
- We are committed to long-term economic, social, and environmental sustainability by promoting responsible resource management, minimising our ecological footprint, and supporting initiatives that benefit future generations.
- To mobilize financial resources and to provide financial and supportive services to the people of KwaZulu-Natal.
- To plan, execute, finance and monitor the implementation of development projects and programmes in the Province.
- To promote, assist and encourage the development of the Province’s human resources and its social, economic, financial and physical infrastructure.
- To promote, encourage and facilitate private sector investment in the Province and the participation of private sector.
- To act as the Government’s agent for performing any development-related tasks and responsibilities that the Government considers may be more efficiently or effectively performed by a corporate entity.
