BuzzSouthAfrica learnt that the Public Investment Corporation (PIC) will dish-out R70 billion for developmental investments to better South Africa’s economic growth and create jobs.
While the Finance Deputy Minister Mcebisi Jonas was presenting the National Treasury Budget Vote, he disclosed that the state-owned establishment will invest the huge sum in coming years for the economic benefit of South Africa and South Africans.
“The PIC will invest R70 billion in developmental investments in the next three to five years to drive economic growth and job creation,” he said.
As related, the sectors PIC will be focusing on in the investment include; agriculture and agro-processing, mining, manufacturing, infrastructure and real estate, social infrastructure and energy.
Aside that, the company will make available another R1 billion which will be channeled towards investments in small and medium enterprises.
“These investments are expected to improve the risk profile of our client portfolios and deliver sustainable returns. PIC has allocated a further R5 billion towards job saving in vulnerable sectors such as mining, construction and manufacturing,” the Deputy Minister further disclosed.
According to Jonas, the Chief Executive Officers of the PIC and Standard Bank are co-chairs of a committee tasked to drive key investment projects in targeted sectors.
The committee he said, is an initiative between government and the private sector.
They will operate to help the government, labor and the private sector identify a core set of sectors and enterprises to prioritize in the investment, he explained.
PIC is a state-owned outlet that manages the money saved by the Government Employees Pension Fund (GEPF). Jonas said the success of PIC is imperative as it will extensively ensure that the Government Employees Pension Fund meets its obligations.