Land Bank CEO Tshokolo Nchocho has been appointed the new CEO of the Industrial Development Corporation, he replaces Geoffrey Qhena, who was at the helm for 13 years.

Nchocho has both academic qualifications and extensive experience in development finance and banking. He holds a B Com from the University of the North, a Master of Business Leadership from UNISA and a Masters degree in Development Finance from the University of London; and an Advanced Management Programme from the Harvard Business School. His experience in development finance and banking stretches over a 28-year period, including a lengthy period at the Development Bank of Southern Africa and as the CEO of the Land Bank.

The board is yet to finalise Nchocho’s commencement date at the IDC.

Under Qhena’s watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme.

In the past five years the IDC investment commitments totalled R72 billion, an increase of 30% compared to the previous corresponding period. These investments in turn attracted a large level of private sector investments, bringing the investment level to R176 billion and creating or saving 105 822 direct jobs.