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Investments, new members up LAPF earnings

29th February 2012
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Local Authorities Pension Fund (LAPF) has collected a total of USD50.32m in pensions until June last year from members.

Speaking to the Rwandan Local Government minister James Musoni, the LAPF Director General, Eliud Sanga said the increase in the money collected was due to the rise in membership contribution and investment by the fund.

He said up to June last year his fund had registered 80,521 members from 40,000 who joined the fund three years ago.

“Up to last June our fund had a total investment amounted to USD228.75m in various areas, he said.

He noted that the fund had accumulated a total of USD17m earned from its investments, some of which include construction of local government colleges, Nelson Mandela University of Science and the parliamentary building in Dodoma.

Other investments are Msamvu Bus Stand in Morogoro, Mwanza Complex, Mzizima and phase II of Millennium Tower located in Dar es Salaam.

He said the investments were done in collaboration with various district councils including Msamvu bus stand in Morogoro Region.

Sanga said the fund was in the process of recruiting more members including those from the private sector.

For his part, Minister Musoni commended the achievements made by LAPF especially in collecting more income and profit.

He said the ministry had learnt a lot from the fund and promised to emulate some of the achievements for implementation upon his return.

Musoni also visited the University of Dodoma and Hombolo Local Authorities College.

SOURCE: THE GUARDIAN
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