
Mmakgoshi Lekhethe
CEO: Industrial Development Corporation
'Lekhethe was in the negotiations with developing nations who pledged $8.5bn for South Africa’s just energy transition’
THE Industrial Development Corporation (IDC) – South Africa’s national development funder – finally has a permanent CEO. Mmakgoshi Lekhethe, an experienced economist with demonstrable experience in the public sector and international financing institutions, was appointed to the position in December. She takes over from David Jarvis, who was acting CEO for the previous 10 months. In her capacity as an official in the National Treasury, Lekhethe was involved in the negotiations with the developed nations that pledged an $8.5bn funding package to finance South Africa’s just energy transition plans.
With her two decades of experience at finance institutions, she is well placed to drive the IDC’s endeavours to establish green growth industries, including battery storage, renewables, and hydrogen. 2024 was a year of “mixed fortunes” for the IDC, according to the political head of the corporation, Parks Tau, who is trade industry and competition minister. In the past financial year, the corporation’s disbursements were lower than the previous year, due to smaller transactions.
On the mining front, the IDC, along with the mineral resources department and the Council for Geoscience, launched a R400m junior mining exploration fund for eligible junior miners in need of financing. The IDC is administering the fund. The corporation also approved project development funding for battery-grade minerals including precursors for nickel, manganese, cobalt and lithium-ion as part of its critical mineral value chain development strategy.
LIFE OF MMAKGOSHI
Lekhethe holds a BCom degree in economics from the University of Durban-Westville, and a MSc in Economics from the University of London. She started her career at the National Treasury in 1996 as a deputy director. In 2004, she joined the World Bank Group as a senior economic adviser before she returned to the National Treasury. She joined the African Development Bank in 2016, focusing on sustainability and climate finance before becoming acting deputy director- general responsible for tax and financial sector policy at the National Treasury.