IDCE's History


The Industrial Development Company of Eswatini Limited (IDCE) was formed in 1987 as a joint venture between the Government of the Kingdom of Eswatini and major International finance institutions namely:

  • DEG of Germany
  • CDC of UK
  • FMO Of The Netherlands
  • Proparco Of France
  • IFC (World Bank)


During the period between 2004 and 2008 the international development finance institutions sold their shareholding. The shares were then “warehoused” by the Eswatini Government until sold to the new shareholders in 2008, i.e. Eswatini National Provident Fund (SNPF) and Inhlonhla. In Later on, ENPF acquired the shares held by Inhlonhla which then increased their shareholding to 61.95%. IDCE is a private development company committed to supporting its customers with quality services in the financing of projects through equity, loans, finance leasing and factory buildings for lease.

  • Eswatini Government — 34.95%
  • Eswatini National Provident Fund — 61.95%
  • Standard Bank Eswatini — 1.55%
  • Nedbank Eswatini Limited — 1.55%