Jul 12, 2012
PIC defends investment in independent schoolsBack
Cosatu|Curro Holdings|Education|Old Mutual Group Holdings|Public Investment Corporation|System|Nomzamo Petje|Patrick Craven
"Quality will no longer be a preserve of the elite," spokeswoman Nomzamo Petje said in a statement.
"It will create an opportunity for more South Africans in lower income households, access to the same standard of quality education currently enjoyed by the high end income households."
The PIC was responding to criticism from the Congress of SA Trade Unions (Cosatu) about its investments in the meridian schools.
On Tuesday, Cosatu spokesman Patrick Craven criticised PIC and Old Mutual Group Holdings' partnership with JSE-listed private education company Curro Holdings, under which R400 million had been injected into private community schools.
He said the funds could help narrow the gap between the two spheres of the schooling system.
Petje said the PIC invested the funds on behalf of public institutions and one of the asset categories it invested in was social investment, which included education and skills development.
Investing in education was also based on the Government Employees Pension Fund's mandate, which endorsed public-private partnerships to build new educational facilities.
"The expectation is that the fund will grow to R6 billion over time as other like-minded investors invest in it," Petje said.
As it grew, the second phase of the schools programme would prioritise the eradication of "mud schools"
She said that the investments were complementary to the government's aim of increasing education delivery.
The PIC believed that the delivery of quality education could not be tackled using a "single track approach".
"The interventions of non public education are significant in complementing the long term objectives of government and they will provide important choices for ordinary, and most importantly less privileged South Africans," Petje said.
Edited by: SapaComment Guidelines (150 word limit)
Updated 7 hours ago Despite various challenges related to the extraction of shale oil and gas, as countries grow accustomed to the idea, the use of shale as a form of energy will be more widely pursued, international oil and gas market analyst Michael Lynch said on Tuesday. Speaking at...
Updated 7 hours ago A consortium led by two Kenyan firms won a government tender to build a 1 000-MW, coal-fired power plant, company officials said on Tuesday, part of moves to satisfy rising demand for energy in East Africa's biggest economy. Kenya suffers from regular blackouts due...
Updated 7 hours ago The announcement of the successful bidder for the construction of Durban’s long-awaited passenger cruise terminal was imminent, Transnet National Ports Authority (TNPA) CEO Tau Morwe told delegates at the African Ports Evolution Conference in Durban on Tuesday. ...
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
This Week's Magazine
South African State-owned defence industrial group Denel has announced its fourth consecutive year of profits. The group's results for the financial year 2013/2014 were recently announced at its head office in Centurion, south of Pretoria. Revenues grew by 17%, net...
There is little opportunity for JSE-listed infrastructure company Group Five to grow shareholder value in the domestic market, says CEO Mike Upton. He says value can still be found in the private sector, in the renewable and industrial power sector, as well as in...
The National Association of Automobile Manufacturers of South Africa (Naamsa) has announced the event dates of the 2015 Johannesburg International Motor Show (JIMS). The event will take place from October 14 to October 25, 2015, at the Johannesburg Expo Centre, Nasrec.
UK engineering support services provider Babcock is set to deliver the largest order of global truck manufacturer DAF’s truck tractors in Southern Africa to bulk carrier road-based logistics company Ngululu Bulk Carriers (NBC), with 133 trucks to be delivered in...
Digital radio communications in the African local government space can open up the world, but have many challenges to overcome, notes integration and migration of legacy radio communications infrastructure with digital mobile radio company Emcom Wireless head of...