South Africa’s Public Investment Corporation commits to Africa50
The Public Investment Corporation has made an investment of $40 million.
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Africa50, the pan-African infrastructure investor and asset manager, has announced that the Public Investment Corporation (PIC), representing the Government Employees Pension Fund (GEPF) of South Africa, has made an investment of $40 million, becoming its 36th shareholder.
The PIC is South Africa’s state-owned asset management company with $141.5 billion of assets under management.
Alain Ebobissé, CEO of Africa50, said: "As Africa’s largest asset manager, the Public Investment Corporation of South Africa’s position as a shareholder sends a strong signal to the market about Africa50’s ability to deliver value for investors and economies. We see this development as a strategic partnership, where the PIC will benefit from Africa50’s project development expertise and geographic footprint, as we seek to accelerate infrastructure delivery across Africa, fostering sustainable development and economic growth.”
Kabelo Rikhotso, the PIC’s chief investment officer said: “We are excited about the investment in Africa50, as it aligns with our rest-of-Africa investment strategy. Africa50’s extensive presence and expertise across the continent provides PIC with a valuable opportunity to achieve both financial and developmental objectives in line with our client mandates. This partnership will help address the slow pace of infrastructure development and address the significant infrastructure deficit in Africa. PIC remains committed to the African continent’s growth and looks forward to a strong strategic collaboration with Africa50 and our other partners to drive sustainable infrastructure investment.”
The investment from the PIC is catalytic to Africa50’s mission of developing first-of-their-kind vehicles in the African market including:
The Africa50 Infrastructure Acceleration Fund, which at first close mobilised $222.5 million from primarily African institutions – an African first.
The $500 million DRE Nigeria Fund launched in partnership with the International Solar Alliance, the Nigeria Sovereign Investment Agency, and Sustainable Energy for ALL to develop and finance a pipeline of distributed renewable energy projects in Nigeria.
The Alliance for Green Infrastructure for Africa, an initiative sponsored by African Union, African Development Bank and Africa50, to raise $500 million of blended finance capital for project preparation and project development, leveraging Africa50’s track-record and capabilities and the convening power of the African Union and AfDB to prepare, develop and finance a transformative pipeline of green infrastructure projects in Africa.
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