THOHOYANDOU – The new-look Limpopo Economic Development Enterprise (LimDev) has promised to bring a good life for the community by helping them with finance to realise their dreams.

LimDev has been transformed from the Northern Province Development Corporation (NPDC). NPDC once faced a financial crisis when it retrenched more than 700 workers in 1998.

In his official address, that he delivered on behalf of LimDev Managing Director, Chris Luvhani, Mr Stan Mathabatha said they look at the new name with pride and dignity as it symbolises what the enterprise is all about: being a catalyst and a partner in economic development and empowerment in the province.

Mathabatha said the event also marked the unveiling of a new business plan that charts the way forward for the organization towards the horizon.

He said the enterprise was identified by the Growth and Development Strategy (GDS) of the province as one of the pillars of economic development and empowerment in the province.

"This strategy is the main driver in the economic vision of the province the objective of which is to make our province become the main GDS contributor to the economy of South Africa by the year 2020. In that vision, the enterprise plays a role by providing an engine for the economic wheel to turn," he said.

In terms of the mandate from the shareholders the enterprise should deliver jobs and at the same time become self-reliant. Its objectives will be development impact, financial and customer service, internal processes, learning and growth.

These objectives rest on a formidable value system, which comprises service excellence, integrity, commitment, innovation and transparency. The plan goes on to identify the market in which the enterprise should operate as being small, medium or large industries in terms of partnering and investment. The enterprise will deliver SMME Financing, establishment assistance, expansion assistance, working capital finance and bridging finance. In tourism, LimDev have in the past week re-launched the three revamped resorts Nwanedi, Mphephu and Acacia Park.

"This was implemented some time ago, as part of the implementation of the GDS. We have managed to save the resorts from closing down and shedding a total of 120 jobs. With the rehabilitation process, we have managed to give out more than 50 tenders to our own construction companies and service providers from the province, thereby creating 120 additional jobs, some of which are temporary and some permanent.

"The enterprise can boast that it provides in excess of 800 000 square metre of lettable space to the SMME development initiatives of the province. This has facilitated the creation of 8 000 jobs.

"Apart from the existing space, plans are underway for the revamping of the existing shopping centres in Thohoyandou and Giyani to maximize its potential for job creation," he said.

"The Enterprise is also involved in new commercial developments in Mokopane and Makhado. Here the enterprise employs its partnering strategy to leverage investment to the tune of R70million from private sector companies and financial institutions."

As the new mineral development bill and the charter requires 26% of all mining interests to be in the hands of HDIs within 10 years, the Enterprise is acquiring these mining opportunities with the intention to eventually sell a major portion of the stake to broad-based Black Economic institutions, particularly those residents in the Limpopo province. These mining opportunities will also provide spin-offs e.g. transport opportunities for the ore. As about 60% of the population of the province stays in rural areas, which automatically excludes them from accessing housing financial services from the mainstream financial institutions, this programme ensures that all the citizens of the province have access to housing finance, irrespective of whether they are in the rural areas or not.

The programme is available for new residential property construction, improvements of existing property and transfers of existing property. The entreprise provides transport to 36 million passengers annually through its subsidiary Great North Transport. These passengers are mostly transported from the rural areas to their places of work, predominantly in the established growth nodes in the province.

They are also involved in the provision of water to the mining corridor of Dilokong through their involvement in the Leballo water scheme. This scheme supplies water to the seven mining houses and will in the near future provide water to 160 000 villages in the corridor.