PIC invests $100m in Afreximbank

PIC media statement

The Public Investment Corporation (PIC) has made an equity investment of $100 million to acquire Class B shares in the African Export-Import Bank (Afreximbank). The investment was made on behalf of the Government Employees Pension Fund (GEPF) and has been approved by the relevant South African regulatory authorities. Afreximbank is a leading pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The investment in Afreximbank is in line with the PIC’s mandate to invest 5% of its assets under management in the rest of the African continent.

Commenting on the investment, PIC Chief Executive Officer, Dr Daniel Matjila, said: “We deliver on the rest of Africa mandate through a number of channels. One of the key means by which we achieve this is through partnerships. We are, therefore, pleased with the investment in Afreximbank, as it would enable and aid our investment programme in the rest of the continent. The PIC is an active advocate of sustainable and impactful investing. It regards consideration of the environment, social and governance issues as important in any investment it makes. For this reason, we are impressed with Afreximbank’s mission of stimulating a consistent expansion, diversification and development of African trade while operating as a first class, profit-oriented, socially responsible financial institution and a centre of excellence in African trade matters. We have no doubt that the GEPF stand to derive a great benefit from this investment.”

Prof. Benedict Oramah, President of Afreximbank, welcomed PIC’s investment and said that opportunities for collaboration between Afreximbank and PIC existed in various areas. “We are particularly looking forward to collaborating with the PIC in advancing Africa’s industrialization, intra-regional investment and expanded access to services across the continent”, said Prof. Oramah. PIC, which is wholly owned by the South African government, is one of the largest and most successful investment managers in Africa.