South Africa / Government Employees Pension Fund / $1.3 Billion to Job-Growth Funds – Bloomberg

South Africa’s Government Employees Pension Fund, Africa’s biggest, said it allocated 13 billion rand ($1.3 billion) to three new funds targeted at boosting employment and economic growth.

The Public Investment Corp., which manages most of the GEPF’s money, committed 5 billion rand to an environmental sustainability fund, 3 billion rand for a “priority sectors” fund and 5 billion rand for a private-equity fund, the Pretoria-based GEPF said in an e-mailed statement today. The environmental fund will invest in renewable energy and create about 3,000 jobs, while the priority sectors fund will target employment in manufacturing, agriculture, tourism and mining.

“It is prudent to invest in projects that contribute to economic growth and job creation,” John Oliphant, the GEPF’s principal officer, said in the statement.

Chosen excerpts by Job Market Monitor

via South Africa’s GEPF Allocates $1.3 Billion to Job-Growth Funds – Bloomberg.