(3 minutes read)
· It seems African Nations Congress (ANC) has drafted a plan to launch a new state-owned bank that will have access to pension funds, according to reports
· The strategy entails a scaled effort to invest in state infrastructure, as well as establish a springboard for a new state bank, which is properly capitalized and governed
It seems African Nations Congress (ANC) has drafted a plan to launch a new state-owned bank that will have access to pension funds, according to reports. The strategy entails a scaled effort to invest in state infrastructure, as well as establish a springboard for a new state bank, which is properly capitalized and governed.
The proposal to create a state owned pension fund industry is due to the vulnerability of erosion of value if retirement funds. These funds were forced to be invested in projects managed by the government and state-owned entities. The report says that ANC’s ultimate aim is to support economic recovery and build a new fast-growing, inclusive economy buttressed by a massive infrastructure roll-out program that supports re-industrialization through localization, changes the structure of the economy, builds climate resilience, creates jobs, and enhances productivity while building a critical base for the export market with a specific focus on the African continent.
