PIC to invest R70bn in SA’s development
The Public Investment Corporation (PIC) will put R70 billion towards developmental investments in the next few years to drive economic growth and job creation.
Finance Deputy Minister Mcebisi Jonas said the success of the PIC — a State-owned company that manages the money saved by the Government Employees Pension Fund (GEPF) — is critical to ensure that the GEPF will always be able to meet its obligations.
Agriculture and agro-processing, mining and beneficiation, manufacturing, infrastructure and real estate, social infrastructure and energy (renewable and conventional) will be the focus areas of the PIC investments.
The PIC will further allocate about R1 billion towards investments in small and medium enterprises.
“These investments are expected to improve the risk profile of our client portfolios and deliver sustainable returns.
The PIC has allocated a further R5 billion towards job saving in vulnerable sectors such as mining, construction and manufacturing,” said Deputy Minister Jonas.
The CEOs of the PIC and Standard Bank are co-chairs of a working group to drive key investment projects in targeted sectors. The group is an initiative between government and the private sector.