N.dollars 679m invested in UIP projects

23 Sep 2013 08:20
WINDHOEK, 23 SEP (NAMPA) - The Government Institutions’ Pension Fund (GIPF) has so far injected N.dollars 679 million into projects country-wide through its Unlisted Investment Policy (UIP).
GIPF Chief Executive Officer David Nuyoma announced this on Monday during an information session on GIPF financing which took place in the capital.
Since its inception in 2008, and in conformity with the regulations of the Pension Funds Act, which requires pension funds to invest in the local economy, GIPF has committed N.dollars 2,3 billion through the UIP, of which N.dollars 679 million has already been injected into projects.
Nuyoma explained that the fund is aimed at providing development finance to the non-listed sector with growth potential, stimulate growth of the Namibian capital market and promote the overall economic development of Namibia.
The policy is broad-based and inclined towards socio-economic development, he said.
The UIP’s areas of focus include micro-financing, venture capital, property, development capital, private equity, buyout financing and energy.
A number of investment trusts have benefited from the policy so far, including the Namibia Procurement Trust Fund (N.dollars 148 million); Desert Stone Trust Fund (N.dollars 12,5 million); Kongalend Renewable Energy (N.dollars51,4 million); VPB Growth Trust Fund (N.dollars 32 million); Frontier Property Trust Fund (N.dollars 222 million); Preferred Investment Property Trust Fund (N.dollars 87 million); Koningstein Capital Investment Property Trust Fund (N.dollars 18,5 million); First Capital Real Estate Finance Trust Fund (N.dollars 4,9 million); Tunga Real Estate Trust Fund (N.dollars 141 million); and Expanded Infrastructure Trust Fund 11,9 million).
The one-day information session was attended by hundreds of local entrepreneurs.
(NAMPA)
MMT/AS