PIC acquires Afreximbank Class B shares

The Public Investment Corporation or PIC is making an equity investment in the African Export-Import Bank (Afreximbank). The $100 million investment is being made on behalf of the South African Government’s $150 billion Government Employees Pension Fund (GEPF), which now holds an undisclosed amount of the pan-African multilateral financial institution’s Class B shares. The deal helps the PIC to achieve its mandate to invest 5% of its assets under management outside of South Africa.

Afreximbank was established in 1993 by several African governments as well as African and non-African investors to promote and finance trade within the continent as well as between Africa and the rest of the world. Headquartered in Cairo, the Bank has approved some $64 billion in credit facilities for businesses in Africa since 1994 and has total assets of almost $12 billion as at the end of 2017.

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