The Industrial Development Corporation (IDC) has reported a 147% surge in disbursements to R17.8-billion for 2022/23, up from only R7.2-billion in the prior year – a performance that is within range of the R20-billion target that has eluded the development financier for several years, and which the Covid pandemic disrupted further. The State-owned institution also recorded a 29.4% rise in approvals to R20.7-billion and outgoing CEO TP Nchocho told Engineering News that the transaction pipeline remained strong, despite difficult trading conditions that were being compounded by ongoing power and water cuts and the collapse of the freight rail service.