“To give up the task of reforming society is to give up one’s responsibility as a free man.”
While delivering healthy returns for our clients is a top priority, the PIC also contributes to the broader socio-economic development of South Africa by making significant infrastructural investments in previously disadvantaged and underdeveloped communities.
The PIC has, to date, invested R2.5 billion in 26 retail developments. These include the first full-service shopping malls in Soshanguve, GaRankuwa and Tembisa in Gauteng, as well as in several townships in Mpumalanga province. Similar developments will soon be extended to other provinces through our secondary township investment plan.
We are also heavily involved in other projects related to the development of the country’s airports, roads and community infrastructure.
Airport development was a major priority for South Africa in the run-up to the 2010 World Soccer Cup. The PIC was hugely involved in this through our 20 percent shareholding in the Airports Company of South Africa (ACSA), which undertook over R19 billion of capital expenditure to refurbish and extend key airports in preparation for 2010. These airports, namely Johannesburg International (O.R Tambo), Cape Town International and King Shaka International Airport in Durban, are now world-class points of entry for overseas visitors coming to South Africa.
As a proudly South African- and proudly African organisation- the PIC is also looking to make positive, long-term investments beyond South Africa’s borders. In July 2007, the PIC officially launched the Pan African Infrastructure Development Fund (PAIDF) to focus on commercially viable infrastructure projects further afield on the African continent.
To date, African investors, including the Government Employees Pension Fund, have committed $625 million to PAIDF investments.