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Johannesburg
- South Africa's biggest investment fund, the Public Investment Corporation (PIC),
plans to invest as much as R9bn in the expansion of power utility Eskom.
The SABC
reported on Friday that the investment was needed to keep pace with economic
growth.
The
investment by the state's pension fund manager of about one percent of its more
than R900bn in assets in Eskom formed part of the R45bn planned expenditure to
spur the country's economy, the SABC reported.
PIC chief
investment officer Dan Matjila was quoted by the broadcaster as saying that the
fund intended to allocate five percent of its holding development projects -
up from about one percent currently - to boost direct investment in other
state companies.
This
included ports and rail operator Transnet and the SA National Roads Agency.
According to
Matjila, the PIC's strategy in the next few months would be to move more into
unlisted instruments in areas such as energy, water, transport, schools and
affordable housing.
Providing
assistance to Eskom must happen this year, Matjila added.
- Sapa