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R60m earmarked for two schools

March 19 2013 at 08:00am

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The Public Investment Corporation (PIC) and Old Mutual Investment Group SA (Omigsa) have earmarked R60 million to develop two Soweto schools. PIC, the asset manager for the Government Employees Pension Fund (GEPF) and Omigsa, yesterday signed a deal to finance Basa Educational Institute Trust schools that will renovate Basa Protea Glen Primary and build Basa Protea Glen High. Combined, the schools will have 2 400 learners a year. GEPF and Omigsa and have contributed R1 billion and R200m, respectively, to the Schools and Education Investment Impact Fund of South Africa which has allocated R450m for local projects . – Londiwe Buthelezi


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