Source: Finance24

Cape Town - State pension funds from several African countries have committed finances to a new continental infrastructure fund, President Thabo Mbeki said on Wednesday.

The fund, with initial capital of $600m, would be worth more than $1bn by the end of the year, he told the opening session of the World Economic Forum on Africa in Cape Town.

His announcement came during a panel debate on sources of funding for development on the continent.

He said South Africa's public employees' pension fund controlled assets worth over $60bn.

"And so the people in the leadership of the pension fund said, why aren't we taking some of this money and investing it in this infrastructure, Nepad programmes, and so on.

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Posted by pichu at June 13, 2007 11:50 PM