PPF posts investments worth over Sh800 billion

Send to a friend

Thursday, 11 October 2012 22:24

By Zephania Ubwani The Citizen Bureau Chief Arusha. Investments of the Parastatal Pensions Fund (PPF) in commercial buildings, real estate and training institutions rose to Sh837.6 billion by the end of last year, it was announced here yesterday. That was  nearly a 20 per cent increase compared to those of 2010 which amounted to Sh672.2bn, the chairman of the PPF Board of Trustees, Dr Adolf Mkenda, disclosed at the members' annual general meeting. Revenues accruing from various investment projects also rose by over 100 per cent to Sh91.38 billion at the end of 2011 from Sh.43.45 billion in December 2010, the meeting was told. From January to June this year PPF collected a total of Sh47.74 billion from investment projects, slightly above the target of Sh47.71 billion, Dr Mkenda told the meeting which attracted hundreds of delegates. He said collections from members amounted to about Sh185.15 billion by December last year compared to those made by December 2010, the board chairman further explained, saying the future looked very promising. "Within the first six months, a total of Sh111.44 billion had been realised, well above the target of Sh108 billion," a satisfied Dr Mkenda further disclosed at the Arusha International Conference Centre (AICC) where the three-day meeting is taking place. Established by an Act of Parliament in 1978, PPF currently has a total of 195,347 members, up from 180,049 members last year and 160,068 by December 2010. The value of total assets until June this year was Sh984.99 billion, a substantial increase  from Sh894.52 billion at the end of last year and Sh722.47 billion in 2010. Among PPF investments are the Computer Science and Technology College within the University of Dodoma and the Nelson Mandela African Institute of Science and Technology (NM-AIST) in Arusha as well as the Gold Crest Hotel in Mwanza.