HakiPensheni

Social security fund set to boost investment portfolio

By Lusekelo Philemon

6th February 2012

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The National Social Security Fund (NSSF)

The National Social Security Fund (NSSF) is set to increase economic projects which in turn will boost employment opportunities in the country and provide more benefits to its members.

NSSF planning and investments director Yacoub Kidula revealed this here at the weekend during the second NSSF Stakeholders’ Conference held at the Arusha International Conference Center (AICC).

He said that the projects are on agriculture, construction of cheap residential houses, offices, hotels as well as improving education infrastructure.

“The Board of Directors has already approved the programme to invest in sisal farming and this investment, among others, will help increase employment opportunities,” he said.

Among projects implemented by the NSSF include construction of University of Dodoma, residential houses in Bugarika area, Mwanza region and Mtoni Kijichi in Dar es Salaam. NSSF is also putting up a state-of-the-art and five star tourist hotel in Mwanza City.

Kidula told hundreds of NSSF members that the construction of the Kigamboni Bridge, which is to fly-over the Indian Ocean section is to start very soon and will cost a total of 214.6bn/-.

He said that they had been advised to move the proposed 150 megawatt electricity producing plant from Dar es Salaam to Mkuranga in Rufiji district, Coastal region due to congestion at Ubungo.

“The Tanzania Electric Supply Company advised that we establish the power plant in Mkuranga area,” Kidula informed.

He pointed out that since Mkuranga is not connected to the national power grid, the NSSF plant will play two roles, the first being to supply electricity to locals in areas located nearby the plant and the second to pump power into the National Grid.

NSSF director-general Dr Ramadhan Dau said that in the first phase, the power plant will generate 150 megawatts of electricity and later on, production will be increased to 1000 megawatts.

NSSF is expected to collect 500bn/- by June this year from its members and the value of the fund by June last year was 1.2trn/-. Fund’s income from investments is expected to grow to 120bn/- by June, this year, informed Dr Dau.

SOURCE: THE GUARDIAN