South Africa’s PIC Invests $100 Million in Afreximbank

South Africa’s Public Investment Corp. will pay $100 million to buy an undisclosed number of B shares in the African Export-Import Bank, the two institutions announced in an emailed statement Thursday.

The investment was made on behalf of the Government Employees Pension Fund, which is managed by the PIC, and has the approval of the relevant South African regulatory authorities. The acquisition by Africa’s biggest fund manager is in line with its mandate to invest 5% of its assets under management in the rest of Africa. Source: Bloomberg