DUT and Ithala to sign a memorandum of understanding
Despite the enormous economic challenges South Africa is currently facing, Ithala Development Finance Corporation (IDFC) continues to empower the financial disadvantaged.
In the financial year 2019/20, IDFC dispersed R243m while creating 3284 jobs. Their partnership with Durban University of Technology (DUT) is to build an Innovation Hub, to develop technology innovations to improve the lives of DUT students.
DUT and IDFC will host a virtual signing ceremony for a Memorandum of Understanding on Wednesday at 2pm. According to DUT, this is to seal their agreement in supporting local, economic recovery.
“This landmark MoU will be signed by the DUT Vice-Chancellor, Professor Thandwa Mthembu and Ithala Group Executive Pearl Bengu,” said DUT’s Director of Corporate Affairs, Alan Khan.
Research Director at DUT, Dr Linda Linganiso said this partnership came after numerous conversations between DUT and Ithala on how they can have an impact in KwaZulu-Natal.
“DUT is a public higher education institution whose mandate includes the provision and development of highly skilled alignment with national development priorities,” said Linganiso.
Linganiso said they have identified projects for the DUT students and Ithala has offered to support the projects, offer funding and be co-supervisors.
The idea is to focus on innovative projects in Biotechnology, smart industries, green economy, waste management and maritime. Linganiso said they still have to meet with all six faculties to identify the candidates and post-graduate students who can engage in these projects.