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LATIN AMERICA SOVEREIGN WEALTH FUNDS

Sovereign wealth funds (SWF) are more fashionable than ever. They have just burst on the Spanish scene with heavy investment, particularly in Banco Santander and Iberdrola, by Qatar’s SWF, Qatar Holdings. Total investment of €2,000m in each instance. These investments were also driven by an interest in Latin America, an emerging region in which Arab funds in particular seek to increase their stake.

There are about fifty SWFs at present and another fifteen countries are considering setting one up. A host of countries including Algeria, India, South Africa, Indonesia, Japan and Israel are candidates for an instrument of this type. Some Latin America countries such as Chile, Trinidad and Tobago, and Venezuela, already have SWFs. Brazil joined them in 2010 with reserves of more than $250,000m, and at the end of the year, Peru, Colombia, Panama and Bolivia began to discuss creating one.

Bolivia - Fondo para la Revolucion Industrial Productiva (FINPRO)

In 2015, growth in the Bolivian economy suffered with the fall in oil and gas prices and remained below the 5% average of the last seven years. In 2016, growth is likely to struggle as the contribution from foreign trade feels the impact of lower commodity prices (natural gas, oil and minerals) which account for almost 90% of the country's exports. The lack of diversification within the economy and structural weaknesses (continued mediocre business climate and poor infrastructures) will also contribute to reduced activity. Domestic demand should remain solid, sustained by the government’s expansionary budget policy. Public investment should therefore rise with the implementation of a recovery plan aimed at increasing production capacity in the mining sector. Household consumption should remain strong thanks to the effects of public investment in terms of jobs and wages, and thanks to the various social programmes. FDI is likely to remain low due to low oil, gas and mineral prices, its favoured sectors, but also because of the instability of the regulatory framework. Inflation is set to rise slightly as purchasing power grows, but will nevertheless remain below the target range (5 - 5.5%) set by the central bank. A continued stable exchange rate and subsidies on basic foodstuff imports should, however, keep it within bounds.

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Brazil - Sovereign Fund of Brazil (Fundo Soberano do Brasil)

The Sovereign Fund of Brazil (in Portuguese Fundo Soberano do Brasil; FSB) is the sovereign wealth fund of Brazil, established on 24 December 2008. It is a new non-commodity fund which is required to support national companies in their export activities and more broadly to act as a mechanism for anti-cyclical development, promoting investment in projects of strategic interest to Brazil abroad and internally. On the day of its establishment, it was injected with 14.243 billion Brazilian reals.

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Chile - Pension Reserve Fund of Chile

The Pension Reserve Fund (PRF) was established on December 28, 2006 with an initial contribution of US$ 604.5 million. It was set up in response to Chile’s new demographic scenario characterized by an increase in life expectancy and the growth of senior citizen population, adding on yet another challenge for the Government in terms of greater future retirement expenditures and the need to guarantee basic solidarity pensions to those who were not able to save enough for their retirement. The PRF’s objective is to support financing of government obligations arising from the government’s guarantee to basic old-age and disability solidarity pensions and solidarity pension contributions arising from the pension reform. Accordingly, this fund serves as a supplementary source for the funding of future pension contingencies. Pursuant to the Responsibility Law, PRF’s capital increases each year by an amount equivalent to 0.2% of the previous year’s gross domestic product (GDP). If the actual fiscal surplus exceeds 0.2% of GDP, the PRF receives a contribution equivalent to said surplus, up to a maximum of 0.5% of GDP. This accumulation rule allows for new resources to be allocated to the fund in any given year regardless of the fiscal situation facing the country each year.

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Chile - Social and Economic Stabilization Fund

The Economic and Social Stabilization Fund (ESSF) was established on March 6th, 2007 with an initial contribution of US$2.58 billion, much of which (US$ 2.56 billion) was derived from the old Copper Stabilization Fund, which was replaced by the ESSF. The Economic and Social Stabilization Fund allows financing of fiscal deficits and amortization of public debt. Thus, the ESSF provides fiscal spending stabilization since it reduces its dependency on global business cycles and revenue’s volatility derived from fluctuations of copper price and other sources. For example, budget reductions originated from economic downturns can be financed in part with resources from the ESSF, reducing the need for issuing debt. According to the Fiscal Responsibility Law, the ESSF receives each year the positive balance resulting from the difference between the effective fiscal surplus and the contributions to the Pension Reserve Fund and to the Central Bank of Chile, discounting the payment of public debt and advances made the year before.

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Chile - Human Capital Fund

Finance graduate studies abroad. Stock 6 Billion Dollars. Annual Flow returns finance studies.

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Fondo Mexicano del Petroleo

Fondo Mexicano del Petróleo para la Estabilización y el Desarrollo (Mexican Petroleum for Stabilization and Development) or FoMePE, is a state-owned sovereign wealth fund of Mexico's government created to manage the wealth from revenue stream on its oil industry. The inception of the fund was designed by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público, SCHP) while Banco de Mexico manages the fund. The fund begun existence on 30 September 2014 but actual operation of the fund started on 1 January 2015 to become the newest addition in global sovereign wealth fund. The establishment of the fund forms part of the energy reform in Mexico following the declining production of oil that has affected the budget of the national government. The fund is a member of the International Forum of Sovereign Wealth Funds[2] and are signed up to the 24 Santiago Principles which are a voluntary standard of best practice endorsed by the members for the management of the Sovereign Wealth Funds. The FoMoPe serves two main objectives; to serve as a means of receiving and making payments on assignment of contracts for exploration and production of hydrocarbons; and to manage the Mexican state revenue from oil and other hydrocarbons.

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Mexico - Stabilization Fund

Oil Revenue Stabilization Fund of Mexico was formed as a toll for risk management of the tax and oil royalty revenues of the Government of Mexico. The Fund invests in a range of financial instruments to hedge against fiscal shortfalls in revenue.

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Panama Sovereign Wealth Fund (Fondo de Ahorro de Panamá)

The purpose of the Panama Savings Fund is to establish long-term savings mechanisms for the Panamanian State through prudent investment strategies aimed at creating emergency coverage for natural disasters or economic slowdown and for the benefit of future generations Of Panamanians.

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Peru - Fiscal Stabilization fund

Peru has a fiscal stabilization fund called Fondo de Estabilización Fiscal (FEF). The FEF is funded by surpluses made from the Peruvian Treasury, 10% of concessional fees, and 10% of privatization proceeds. The FEF is subject to a cap of 4% of GDP, any excess money from the savings fund goes towards debt reduction.

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Trinidad and Tobago - HSF

Trinidad and Tobago's sovereign wealth fund, the Heritage and Stabilisation Fund (HSF), fell 5.7 per cent on poor choices (negative security selection effects) and the US$377.5 million withdrawal by Finance Minister Colm Imbert in May, the latest report from the HSF showed on Friday. “The total net asset value of the Fund as at the end of June 2016 was US$5,454.6 million, compared with US$5,787.3 million at the end of the previous quarter. Of this total, the investment portfolio was valued at US$5,452.7 million, while the remaining portion (US$1.9 million) was held in cash to meet the day-to-day expenses that arise from the management of the Fund,” the report said.

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UK - ODF - Falkland Islands SOVEREIGN WEALTH FUND

Falkland Oil and Gas Ltd, abbreviated to FOGL, was an energy company registered in the Falkland Islands and headquartered in London, the United Kingdom. Its business was based on exploring for offshore oil reserves off the coast of the Falklands. It owned the right to extract oil from a number of blocks to the east and the south of the islands. FOGL was listed on the Alternative Investment Market of the London Stock Exchange. The company issued an initial public offering on 14 October 2004, debuting at a price of 40p.[2] By 2010, FOGL estimated that its four best prospects could contain 8 billion barrels (1.3 billion cubic metres),[3] with up to 60 billion barrels (9.5 billion cubic metres) in total in all sectors off the coasts of the Falklands.[4] The share price peaked at 267p in June 2010, but slumped by half on 12 July 2010, when it was found that one of its prospect wells, Toroa, was empty [5]- as of 1 March 2015 the share price had dropped to ~31 pence. The company merged with Rockhopper Exploration on 18 January 2016

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Venezuela - FEM

In 1998, Venezuela’s Macroeconomic Stabilization Fund also known as FEM was created as a result of advice from the International Monetary Fund. Jorge Giordani was the planning minister at the time and viewed it as a fund, that of squirrels, who save up their bounty for future use when they can’t find food.” Oil revenues above the oil reference price are transferred to the sovereign wealth fund. If oil prices drop below the reference price, the fund transfers revenues to the treasury to substitute the revenues it would otherwise have received if oil prices had been stable. By December 2001, the fund had US$ 7.1 billion in assets. In 2003, the government tapped into the fund to cover the fiscal budget, more than US$ 6 billion was withdrawn.

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