GIPF embraces Harambee Plan

07 Apr 2016 18:20pm
WINDHOEK, 07 APR (NAMPA) – The Government Institutions’ Pension Fund (GIPF) has embraced the Harambee Prosperity Plan (HPP) and promised a sustainable social safety net for members.
Speaking at a media briefing here on Thursday, GIPF Chief Executive Officer David Nuyoma said the fund has made several remarkable interventions and continues introducing more projects supporting the HPP pillars.
President Hage Geingob on Tuesday launched the HPP 2016/17 to 2020/21 during his second State of the Nation Address (Sona) that outlines Government's planned developmental activities for the next four years.
The plan is built on five pillars, namely effective governance and service delivery; economic advancement; social progression; infrastructure development; and international relations and cooperation.
Nuyoma said the GIPF has been implementing some of the pillars such as effective governance and service delivery through delivering housing and servicing of land for their members.
“We can see room for GIPF to play part in this development plan, as we have been active in housing and land servicing,” he said, adding the Fund has been investing heavily through its ongoing unlisted investment programmes by contributing about N.dollars 1.3 billion in which 1 500 units of land was serviced.
He noted the Fund has also invested in housing acquisition by financing houses with N.dollars 750 million of which N.dollars 704 million was availed to housing for the benefit of 1 300 homeowners.
During the last GIPF Board meeting held on 30 March 2016, members approved an additional fund of N.dollars 250 million towards housing acquisition.
On the HPP pillar of economic advancement, Nuyoma said the Fund, through its intervention of unlisted investment programmes, will roll out a total of N.dollars 2 billion.
“We are in the process of signing the agreements and as soon as finalised with the blessing of the regulator, Namfisa, we will roll out the intervention accordingly.”
On the pillar of infrastructure development, Nuyoma said the Fund considered it as an opportunity for serious investment in the Namibian economy for strategic projects with economic returns.
He explained that the GIFP Board during the past two years approved a framework called Development Investment Policy, and for the past few months, the Fund has been formulating the modelling on how to roll out the benefits to Namibians.
The Development Investment Policy is intended to provide a framework in which GIPF's management, Investment Committee and Board of Trustees can take investment decisions to communicate the GIPF's investment philosophy to all its stakeholders, and describe the investment objectives and the overall risk philosophy.
“We are excited about this and the announcement by the President has coincided nicely with what we intended to do and we are looking forward to be a contributor to that.”