MEC Kholwane appointed of MEGA new CEO

MEC Kholwane appointed of MEGA new CEO

Mbombela – Mpumalanga MEC for Finance, Economic Development and Tourism, Mr Sikhumbuzo Kholwane, today announced the appointment of Mr. Xola Sithole as CEO of the Mpumalanga Economic Growth Agency (MEGA).  Mr. Sithole appointed with effect from 1 January 2015.

MEC Kolwane made the announcement in the company of members of the Interim Board of MEGA, MEC Kholwane re‑iterated his view that MEGA, a strategic entity that has a critical role to play in the growth and development of the Mpumalanga economy. 

“The appointment of the CEO is an important step in ensuring the stability of MEGA.  The focus now will be on execution of the mandate of the organisation and consolidating its turnaround”, he said.

The Acting Chairperson of the Interim Board, Mr Davies Mculu said, “One of the most important tasks that we had as an Interim Board was to identify a candidate for the CEO position that possessed the requisite skills and experience that could strengthen MEGA and bring it in line with peer entities.  We have confidence that we have found such a candidate in Mr. Sithole”.

MEGA is Mpumalanga’s development finance institution whose primary role is to foster the growth and development of the provincial economy in order to help reduce unemployment, poverty and inequality.  It supports economic development by investing in the development of infrastructure, SMMEs, property, agriculture, and housing and through trade and investment promotion.  MEGA partners with local and international investors and communities to secure tangible investment in the province. 

It’s established in terms of the MEGA Act 1 of 2010 as an amalgamation of the previous MEGA, the Mpumalanga Agricultural Development Corporation and the Mpumalanga Housing Finance Corporation.

Mr Sithole has more than 20 years’ experience in development finance and investment.  He started off his career in development finance at the Industrial Development Corporation (IDC) in 1994, where he spent over 9 years in various operational and executive roles. 

In 2003 he appointed CEO of Khula Enterprise Finance Ltd (now renamed SEFA), a role he held for a period of five years.  Since 2009 he has been an independent consultant and entrepreneur involved in corporate finance, management consulting, and project management and consulting engineering.