Qhude Projects Benefit From A R9m Loan From Ithala Development Finance Corporation Limited
Qhude Projects Benefit From A R9m Loan From Ithala Development Finance Corporation Limited. Qhude Projects (Pty) Ltd, a KwaZulu-Natal based logistical services co-operative, is the latest enterprise to benefit from a R9m loan from Ithala Development Finance Corporation Limited (IDFC) as part of an enterprise and supplier development partnership signed in 2022 with Sappi Southern Africa.
Since the signing of this MOU between Sappi and IDFC, four transactions amounting to R44.9m and resulting in a total of 144 direct jobs have been concluded. This includes the loan from IDFC to Qhude Projects (Pty) Ltd to acquire two rear tipper trucks, two side tipper trucks and two front-end loaders and which enables them to service a five-year contract with Sappi to manage a landfill site in northern KwaZulu-Natal, adjacent to the Sappi Tugela Mill. The equipment was handed over on Thursday, 31 August 2023. Both Sappi and the IDFC (Ithala) will provide ongoing support to the co-operative to ensure their success.
Qhude Projects (Pty) Ltd operates from Mandeni situated in the iLembe District Municipality and was started five months ago by Siyanda Thusi. To date the start-up has created a total of 15 direct jobs, 50% of these being held by members of the youth. Ithala Development Finance Corporation’s commitment to socio-economic transformation is borne out by concrete action of putting money where its vision is.
“This is another rung in the ladder that we at IDFC have been constructing to change the lives of rural and township folks, a cause we have been championing for over 60 years,” said Pearl Bengu, group chief executive of IDFC. She also said: “No one should be left behind as our country pulls itself out of the legacy of apartheid.”
Lesiba Lamola, Sappi’s Regional ESD sourcing manager concurred by adding: “This partnership with IDFC supports our enterprise supplier development (ESD) objectives, that are aimed at building thriving local economies within the communities where we operate.”
As the province’s development financier and provider of commercial and industrial property, Ithala Development Finance Corporation (IDFC) has embarked on a strategic partnership initiative with the private and public sector to drive economic participation of emerging black entrepreneurs operating in all sectors of the economy, particularly those operating in rural and township areas.
