PIC plans investment in African energy and infrastructure markets
12 April 2011
The Public Investment Corporation (PIC) plans to invest about R45 billion (£4 billion) in Africa this year to take advantage of growth opportunities in the continent.
According to the firm's chief investment officer, Daniel Matjila, the investment will initially focus on markets based on size and liquidity.
However, the company, which manages more than R1 trillion of government workers' pensions, is looking to diversify into private equity and "development investments" that include infrastructure, energy and agro-processing projects in the next five years.
"As an investment opportunity Africa is much better than the developed world or our home market and the African growth story is remarkable," Mr Matjila said.
"We also want to contribute to the continent's development, the way we already have done at home."
It follows news that investment in sub-Saharan Africa's ICT sector will climb 9.9 per cent this year.
According to research conducted by the International Data Corporation (IDC), investment in IT will increase by $23 billion (£14 billion) this year, compared to 2009.