The Export-Import Bank of the United States (Ex-Im Bank) and the Industrial Development Corp. of South Africa Ltd. (IDC) on August 7 signed a Declaration of Intent to help advance South African economic development. Under the agreement, Ex-Im Bank will assist in financing up to $2 billion worth of U.S. technologies, products, and services to South Africa’s energy sector, with an emphasis on clean energy development.
The Industrial Development Corp. is a South African national development finance institution meant to promote economic growth and industrial development. The IDC's primary objectives is to contribute to the creation of balanced, sustainable economic growth in South Africa and on the rest of the continent. See the Ex-Im Bank press release .