REST OF N.P.F INVESTMENTS ARE IN COUNTRY: ZOLOVEKE

The NPF Board members and Finance Minister Snyder Rini. Photo credit: SIBC.

Ninety percent of investments made by the National Provident Fund are invested in the country while only 10 percent were offshore, says NPF Board Member Gideon Zoloveke.

He says by market, 90 percent of the fund’s investment portfolio are invested in the country and its economy at more than $2.5 billion with 10 percent invested offshore.

“By market, 90 percent of our investment portfolio are invested in our country in our economy at more than $2.5 billion, with 10 percent invested offshore in USA, Australia, UK, Europe and Papua New Guinea, to the amount of $275-million.”

Mr Zoloveke adds, member’s contribution balances recorded in their accounts has grown to $2.109 billion from $2.048 billion on 30 June 2014, an expansion of more than $61 million.

“Our members contribution balance recorded in their accounts has grown to $2.109 billion from $2.048 billion last year on 30th June 2014, an expansion more than 61 million. This slow growth is attributable to the large ever recorded withdrawal in the fund’s history in this financial year.”