The Department of Economic Development, Tourism and Environmental Affairs MEC, Rev. Musa Zondi, led the IDFC new board induction session at The Capital Zimbali Resort in Durban. The induction underscored the Department’s commitment to ensuring strong governance, accountability, and alignment with provincial economic development priorities.

The programme brought together newly appointed board members and executive leadership for a comprehensive orientation aimed at equipping members with a clear understanding of IDFC’s legislative mandate, strategic objectives, and governance framework. Key areas covered during the session included corporate governance principles, regulatory compliance, financial oversight, ethical leadership, and strategic positioning within the broader provincial development agenda.

In his address, the MEC emphasised the vital role of an informed and cohesive board in driving economic growth, fostering investment confidence, and ensuring that the entity delivers measurable impact for the people of KwaZulu-Natal.

“Your role as the Board is not operational. It is strategic. It is fiduciary. It is visionary. You are entrusted with ensuring that IDFC delivers on its developmental mandate, maintains financial sustainability, upholds the highest standards of governance, and restores and strengthens public confidence,” said MEC Zondi.

“We must preserve what works. IDFC has a proud legacy spanning decades of supporting enterprise and infrastructure development. But we must also embrace change — improved systems, stronger oversight, sharper performance metrics, and innovative financing mechanisms suited to today’s economic realities. Change must be deliberate, structured, and purpose-driven. To resist change is to resist progress,” he added.