By Malcolm Hlongwane
LADYSMITH – The newly appointed Board of the Ithala Development Finance Corporation (IDFC) has embarked on a fact-finding tour of Ithala-owned properties in Ladysmith and Newcastle as part of efforts to assess economic activity and job opportunities created through its property portfolio.
The visit, led by Ithala Board Chairperson Mr Mpungose, forms part of the board’s commitment to ensuring that all Ithala properties are fully utilised to support economic development and benefit communities across KwaZulu-Natal.
Appointed in March 2026, the new board is engaging with tenants, businesses, and employees operating from Ithala estates to better understand their challenges and opportunities for growth. Many of the properties house factories and businesses that contribute to local employment and economic activity.
Speaking during the tour, Mr Mpungose said the board is determined to maximise the value of Ithala’s assets by attracting more businesses and investment to its properties.
“Our goal is to ensure that Ithala properties operate at full capacity, creating jobs and supporting economic growth in our communities,” he said.
The Chairperson also met with staff members to gain insight into their working conditions and hear their concerns firsthand. He stressed the importance of employee well-being in achieving the organisation’s objectives.
“Happy staff members are productive staff members. They provide better service to customers, which helps retain existing clients and attract new tenants,” he said.
During a media engagement, Mr Mpungose further revealed that the board is developing strategies aimed at restoring Ithala Bank while ensuring full regulatory compliance.
The tour highlights Ithala’s renewed focus on economic development, job creation, and strengthening its role as a key development institution in KwaZulu-Natal.
Email: Malcolm@onenews.co.za
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