(Ecofin Agency) - South African pension fund manager Public Investment Corporation (PIC) will invest R70 billion ($5 billion) over the next three to five years to stimulate economic growth and create jobs across the country, Deputy Minister of Finance, Mcebisi Jonas said on May 4.

Addressing deputies, Jonas added that the concerned investments would be made in sectors such as mining, agriculture and power.

With managed assets exceeding R1,800 billion, PIC holds stakes in most big South African companies. Investments in the shares of the firm represent about 12% of capitalization of Johannesburg Stock Exchange.