South Africa has announced that it will use money from the sale of broadband spectrum and mining royalties to establish a 30 billion-rand ($2 billion) sovereign wealth fund, according to the country’s Finance Minister,Tito Mboweni. Windhoek - Several Southern African Development Community (SADC) members have had their heads turned by the allure of sovereign wealth funds. Finance Minister Tito Mboweni on Wednesday announced the formation of the South African Sovereign Wealth Fund, which would target a capital amount of about R30-billion. The fund will target investments locally and neighbouring countries in the Horn of Africa. South Africa n President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling Africa n … The proposed fund comes at a time when Africa’s most […] Government owns the PIC and is represented in the PIC by the Minister of Finance. Finance Minister Tito Mboweni will give details about the establishment of a sovereign wealth fund for South Africa in his 2020-2021 Budget Speech later this month. South Africa will use money from the sale of broadband spectrum and mining royalties to establish a 30 billion-rand ($2 billion) sovereign wealth fund, Finance Minister Tito Mboweni said. South Africa has a sort of Sovereign Wealth Fund in the Public Investment Corporation (PIC) but its principle client (by almost 90%) is the Government Employees Pension Fund (GEPF). South Africa will use money from the sale of broadband spectrum and mining royalties to establish a 30 billion-rand ($2 billion) sovereign wealth fund, Finance Minister Tito Mboweni said. Its establishment was first mooted at least 10 years ago. These experiences are perhaps more relevant to South Africa than the much-touted example of Norway’s Government Pension Fund Global. Notwithstanding these uncertainties, if South Africa does follow through with a fund, much can be gleaned from the experiences of other SWFs on the African continent. As well as product provision, Sovereign’s services cover a broad spectrum including scheme administration, technical pensions’ know-how, pension transfer guidance, investment management, actuarial services, tax planning and wealth structuring. South Africa plans to use money from mining royalties to establish a US$$2 billion sovereign wealth fund. Djibouti created a sovereign wealth fund and is targeting contributions of US$$1,5 billion within a decade. China-Africa Development Fund Gets More Attention from Chinese President Xi Jinping 08/12/2018 Ruling ANC Party Seeks to Have Sovereign Wealth Fund 07/30/2018 SWFI First Read, July 30, 2018 03/12/2018 Central Bank Seizes South African Bank Linked to PIC and VhaVenda King

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