The IDC was incorporated in January 2014 and is wholly owned by the Government through the Minister of Finance pursuant to the Minister of Finance (Incorporation) Act Cap 349 of the Laws of Zambia.

The IDC was established to create and maximise long-term shareholder value as an active investor and shareholder of successful state-owned enterprises, as well as undertake industrialisation and rural development activities through the creation of new industries.

This followed the closure of the Zambia National Provident Fund (ZNPF) after the responsible Act under which it was formed was repealed. This means that ZNPF stopped receiving contributions on 31^stJanuary 2000.

The company is a subsidiary of the Lawrence Sikutwa and Associates (LSA) group of companies, an indigenous conglomerate with interests in insurance (life & non-life), asset management (pension fund management, unit trusts, and stock broking), property development and business advisory services as well as tourism.