The launch of the Defence Industry Fund was held on 5 July at the CSIR ICC, in Pretoria.
The launch of the Defence Industry Fund (DIF), held on 5 July 2018 at the CSIR ICC in Pretoria, provided credence to the defence sector’s commitment to bring essential support to address barriers to entry within the industry, promote inclusivity, transformation and job creation.
Following various consultations with defence industry stakeholders, Armscor, the acquisition agency of the Department of Defence and the Aerospace, Maritime and Defence Industry Association of South Africa (AMD) jointly decided to investigate the possibility of establishing a Defence Industry Fund.
“The seed of the Defence Industry Fund was planted in 2015 in a collaborative effort between Armscor and the South African Aerospace Maritime and Defence Industries (AMD), the seed has sprouted today, the Defence Industry Fund is born,” said vice-admiral (ret) Johannes Mudimu (chairperson of the Armscor Board) at the momentous launch.
The DIF is owned and operated by Crede Capital Partners, a company that complies with the requirements of the Financial Sector Conduct Authority (FSCA). The establishment of the DIF is considered a significant step towards the support and transformation of the defence industry, especially the SMEs operating in the defence environment. It will address pertinent issues of providing financial aid, enterprise supplier development, export guarantees and other salient aspects on technology development and building the skills pipeline, etc. The DIF is set to undoubtedly be an impetus for growth and sustainability of the South African defence sector.
Issued jointly by:
Kevin Wakeford, CEO, Armscor
Simphiwe Hamilton, executive director, AMD
Sandile Sokhela, principal, Crede Capital Partners