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Reserve Bank of Malawi staff invest K14.9 billion pensions in office complex

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Reserve Bank of Malawi (RBM) members of staff, through RBM Pension Fund, on Friday kick-started a project to construct a K14.9 billion six-storey mixed-use Tsogolo Office Park in Lilongwe.

RBM Pension Fund Chairperson Mary Kumbatira said the 12,000 square metre floor building has one basement and boasts of six levels of flexible office spaces, banking hall, conference suites, food court and lifestyle facilities above the ground.

Kumbatira said RBM Pension Fund has embarked on the infrastructure project, whose construction will take 36 months, to diversify its investments portfolio.

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She said over the years, the fund had considered long-term growth assets, adding that the building project is among the long term growth assets.

“RBM Pension Fund is committed to this infrastructure project as evidenced by the geotechnical survey of the project site, feasibility study of the project and engagement of the design and build team whose processes were concluded in March 2022,” Kumbatira said.

RBM Governor Wilson Banda said at a time Malawi is undergoing a number of complex economic challenges, pension funds present unique opportunities to stimulate development.

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Banda said the pooled resources, used strategically, can be invested in many catalytic sectors for development, including energy, infrastructure, manufacturing and many others.

“Such investments increase socio-economic activities in our country, create jobs and ultimately increase the benefits for the owners of the funds – Reserve Bank of Malawi staff,” Banda said.

He observed that the office of the Registrar of Financial Institutions has also been challenging all pension fund managers to grow and diversify their investment portfolios, and to be innovative with their investments in order to increase financial security of the members and their families.

“This transformative thinking and approach to development, as demonstrated by the RBM Pension Fund, is in line with the Malawi 2063 vision,” Banda said.

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