One can argue that in South Africa’s context, the PIC can be compared to a sovereign wealth fund, which means it can play a role in funding initiatives like the NHI, and other development projects in the country, the writer says.
Department of Health Minister, Dr Aaron Motsoaledi . The minister of Health, suggests the PIC can play an important role in financing the country’s public health sector, ‘in the same way it funds the private sector’. Picture: Health DepartmentThe Public Investment Corporation is an asset-management firm owned by the South African government. One of the main purposes of the PIC is to support sectors that focus on social security – an important aspect of governance in South Africa.
Due to the nature of the PIC, it is believed that the institution has access to trillions of rand that could greatly benefit the funding of not only the public sector health system but also the National Health Insurance . One could argue that within South Africa's context, the PIC is one of the entities that can be compared to a sovereign wealth fund. This means that the PIC could play a role in funding initiatives like the NHI, as well as other development projects in the country.
The PIC has shown its ability to fund meaningful projects that could serve as a blueprint for other sectors of the economy. One such project the PIC funded was for R281m on behalf of the Government Employees Pension Fund for the construction of the Roggeveld Wind Farm in Matjesfontein on the Northern Cape and the Western Cape border. At the peak of this project, 851 jobs were created, and the project is believed to be generating 613GWh of electricity, which could benefit 49,000 households.
Dr Aaron Motsoaledi Nhi Health Welfare Finance
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