The Public Investment Corporation (PIC) is to sink $1-billion into African investments and equities, according to Finance Minister Nhlanhla Nene.

"The PIC will, in the new financial year, also focus on developmental investments in Africa, with a minimum commitment of $500-million... and a further $500-million towards private equity in Africa," he says in the foreword to the PIC's recently tabled 2013/14 annual report.

At current exchange rates, this totals about R11.2-billion.

Nene also serves as PIC chairperson.

He says Africa's economic output has tripled over the past decade, and the sub-Saharan region is projected to grow at five percent over the next.

"This growth means that the continent will be the second-fastest growing region in the world, after Asia."

This 'African story' presented the PIC with unique investment opportunities.

"We are fully aware that part of [our] strategy should be to grab opportunities in Africa and reap rewards in a manner that promotes inclusive growth and creates decent work for the people of Africa," he says.

According to PIC acting CEO Matshepo More, the PIC's largest transaction on the African continent during the past financial year was securing a 1.5% stake in Nigerian-listed company Dangote Cement for $289-million.

"For the next financial year, the PIC plans to invest at least a further R2.5-billion in the rest of the continent," she says in the document.

The PIC's assets under management total R1.6-trillion, up on the previous year's about R1.4-trillion.