(Bloomberg) -- South Africa’s government is considering legislative changes to compel pension funds and asset managers to plow money into industrial policy projects, Business Day reported, citing Trade Minister Parks Tau.
The proposed amendments to Regulation 28 of South Africa’s Pension Funds Act were tabled at the newly formed cabinet’s planning and policy meeting held over the weekend, the Johannesburg-based newspaper reported.
President Cyril Ramaphosa announced a new cabinet last month with members from seven different political parties after his African National Congress failed to secure a majority in the May 29 election
The proposed changes will be subject to a comprehensive review, Tau said.
In its election manifesto, the ANC made a pledge to transform the financial sector to ensure that it makes adequate funds available for South Africa’s industrialization and economic development by introducing prescribed assets.
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