The Industrial Development Corporation (IDC) has spent more than R800-million so far in its efforts to help "distressed" companies combat the effect of the economic crisis.

In its annual results, the IDC revealed that it had spent R500-million helping "distressed" companies in its 2008/9 financial year, and has spent an additional R300-million since April.

The IDC has earmarked a total of R6.1-billion over the next two years to assist companies through the economic crisis.

“Our priority in providing assistance to distressed companies impacted by the economic crisis was and will continue to be on; enterprises that have the potential to recover with the market, opportunities that enhance sector efficiency and ensure strategic capacity and competitiveness,” said CEO Geoffrey Qhena.

“In line with our ongoing strategy, there is a clear emphasis on funding interventions that will help create and preserve jobs,” Qhena added.

The IDC also reported a 27% increase in funding approvals for the year to end-March 2009 to a record R10.8-billion, with funding in the rest of Africa rising 38% to R2.9-billion.

“The IDC intends to inject more than R70bn into the economy over the next five years and we will clearly need to increase our gearing to meet that target,” said Qhena.