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JOHANNESBURG, Sept 20 (Reuters) - South Africa’s state pension fund said on Thursday it would invest $100 million to buy shares in African Export-Import Bank (Afreximbank) as part of the pension fund’s plan to invest in the rest of the continent.
The Public Investment Corporation (PIC), which manages roughly 1.9 trillion rand ($130 billion) of civil servants’ pensions and is Africa’s biggest pension fund, said it would acquire Class B shares in Afreximbank.
The PIC said the investment was part of its plan to invest 5 percent of its assets in the rest of the African continent.
Daniel Matjila, PIC’s chief executive officer, said in a statement the pension fund was eager to back Afreximbank’s aim of improving trade in Africa.
Afreximbank said in March it would sell shares worth as much as $1 billion over the next five years to diversify its shareholders and add more private investors to its ownership.
Cairo-based Afreximbank was founded by African governments and other investors in 1993 and had shareholder funds of $1.6 billion as at December, 2016. (Reporting by Tanisha Heiberg Editing by James Macharia)