WINDHOEK, May 29 — Namibia has raised the minimum amount of assets pension funds operating in the country in a move to stimulate economic growth, the sector’s regulator, Namibia Financial Institutions Supervisory Authority (NAMFISA), said Wednesday.
According to the regulatory adjustment, pension funds operating in Namibia and fund managers can invest 45 percent of their assets in the country while for the rest they are allowed to invest offshore.
NAMFISA said, “The move was arrived at to improve pension funds to diversify their investments as well as support the economy.”
NAMFISA added that they will supervise pension funds to make sure compliance is met by the pension funds in the country.
The move comes at a time when Namibian government raised complains about capital flight by most pension funds who have been investing the bulk of their investments offshore. – XINHUA