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SUB-SAHARAN AFRICA SOVEREIGN WEALTH FUNDS

Countries in Africa are among those moving to harness the potential of SWFs. Many of these countries have been significant exporters of natural resources since independence, yet have relatively little to show for it in terms of infrastructural development or savings. Over the past decade, SWFs have come to be viewed as a mechanism to reverse this trend. New discoveries of oil and gas reserves in East and West Africa have motivated the creation of several funds on the continent in recent years, joining those in Botswana, Libya, Algeria, Gabon, Equatorial Guinea and Mauritania. Since 2012, Angola, Nigeria, Senegal and Ghana have established SWFs with initial seed capital of $5 billion, $1 billion, $1 billion and $100 million respectively. Mozambique and Tanzania are set to become large exporters of natural gas by 2020 and both are expected to set up SWFs, while Sierra Leone has suggested it could launch its own fund.

SWFs are defined as state-owned investment enterprises composed of financial assets. They tend to invest globally, and around 60 per cent of SWF assets worldwide are derived from oil and gas revenues. SWFs are particularly attractive to resource-exporting countries because they can ease the impact of commodity price volatility, while ensuring that the profits from exhaustible resources are shared with future generations. High commodity prices and faster extraction methods have made the prospect of establishing a SWF particularly enticing in recent times. In addition, the promise of better management of these revenues offered by an SWF can help boost credit ratings and support further growth. For example, prior to the launch of the Fundo Soberano de Angola, the country’s credit rating was upgraded by all of the big three credit-rating agencies, with the impending establishment of the SWF being cited as a key factor

Algeria - Revenue Regulation Fund (Fond de Regulation des Recettes)

Although sovereign wealth funds (SWFs) have existed for over 60 years, their number has increased rapidly since 2000. In particular, countries dependent on natural resources have sought to diversify their economic exposure and SWFs have been promoted as a useful vehicle for this. Their low leverage and exposure to alternative assets gave them resilience during the global financial crisis, and consequently 15 new SWFs have been created since 2008. The value of assets held by the funds has similarly been increasing, to a record $5.78 trillion in 2013. This is due in part to the creation of the 15 new SWFs

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Angola - Fundo Soberano de Angola

Although sovereign wealth funds (SWFs) have existed for over 60 years, their number has increased rapidly since 2000. In particular, countries dependent on natural resources have sought to diversify their economic exposure and SWFs have been promoted as a useful vehicle for this. Their low leverage and exposure to alternative assets gave them resilience during the global financial crisis, and consequently 15 new SWFs have been created since 2008. The value of assets held by the funds has similarly been increasing, to a record $5.78 trillion in 2013. This is due in part to the creation of the 15 new SWFs

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Botswana - Pula Fund

Spurred by the region’s rapid economic development, sovereign wealth funds in Asia have increased in both size and number over the past decade. These funds have become large and active participants in global financial markets and they frequently make high-profile foreign investments. Given their size and close links to governments, sovereign wealth fund investments often attract media attention and are scrutinized for political motivations. The perception that many Asian sovereign wealth funds are not transparent in their activities and investments has also raised concerns. This Asia Focus provides an overview of sovereign wealth funds, evaluates the structure and activities of major funds in Asia, and compares the transparency of Asian funds relative to international best practices.

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Chad - Revenue Management Plan

Spurred by the region’s rapid economic development, sovereign wealth funds in Asia have increased in both size and number over the past decade. These funds have become large and active participants in global financial markets and they frequently make high-profile foreign investments. Given their size and close links to governments, sovereign wealth fund investments often attract media attention and are scrutinized for political motivations. The perception that many Asian sovereign wealth funds are not transparent in their activities and investments has also raised concerns. This Asia Focus provides an overview of sovereign wealth funds, evaluates the structure and activities of major funds in Asia, and compares the transparency of Asian funds relative to international best practices.

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Equatorial Guinea - Fund for Future (FFG)

Central Asian sovereign wealth funds differ in that they are primarily funded out of government revenues, foreign exchange reserves, or the contributions of retirees. This direct relationship to national and personal finances can produce different expectations regarding the operation and performance of these funds. For example, sovereign wealth funds in Singapore and China have faced public scrutiny in the past over investment losses or market underperformance. In contrast, funds financed by natural resources, such S 2 as Middle Eastern oil funds, lack an explicit liability for their funds and therefore are subject to less public scrutiny

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Gabon - Sovereign Wealth Fund

Sovereign wealth funds – or state investment funds – are financial vehicles owned by states which hold, manage or administer public funds and invest them in a wider range of assets of various kinds. Their funds are mainly derived from excess liquidity in the public sector stemming from government fiscal surpluses or from official reserves at central banks. SWFs can be categorised into two types of funds according to their primary purpose

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Ghana - Petroleum Funds

Some countries such as Chile and rinidad and obago have consolidated their sovereign wealth funds. Venezuela and Mexico have experienced continued declines. Brazil, with mixed results, falls more closely into the category of funds with shortcomings. Te last three years have seen another group of countries discussing sovereign fund start-ups, including Panama, Colombia.

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Libyan Investment Authority

Some countries such as Chile and rinidad and obago have consolidated their sovereign wealth funds. Venezuela and Mexico have experienced continued declines. Brazil, with mixed results, falls more closely into the category of funds with shortcomings. Te last three years have seen another group of countries discussing sovereign fund start-ups, including Panama, Colombia.

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Mauritania - National Fund for Hydrocarbon Reserves (NFHR)

Saudi Arabia’s plan to create a $2 trillion sovereign wealth fund has set an ambitious new standard for state-run investment vehicles. These funds are an increasingly common sight around the world, but particularly in the Middle East, where oil-rich governments like to squirrel away money when oil prices are high in preparation for leaner times. The Sovereign Wealth Fund Institute (SWF Institute) lists 79 funds in its rankings, with 20 of them in the Middle East and North Africa.

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Mauritius SOVEREIGN WEALTH FUND

Canada - Alberta Heritage Savings Trust Fund Mexico - Oil Income Stabilisation Fund USA - Alaska Permanent Fund USA - Alabama Trust Fund USA - New Mexico State Investment Office Trust USA - Permanent Wyoming Mineral Trust Fund

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Nigeria - Excess Crude Account

Ireland - National Pensions Reserve Fund Italian Strategic Fund France - Strategic Investment Fund Norway - The Government Pension Fund - Global Russia - National Wealth Fund North America

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Nigerian Sovereign Investment Authority

Ireland - National Pensions Reserve Fund Italian Strategic Fund France - Strategic Investment Fund Norway - The Government Pension Fund - Global Russia - National Wealth Fund North America

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Nigeria - Bayelsa Development and Investment Corporation

According to the Community Tool Box, public funds are funds that come from the public treasury. It is revenue generated from tax payments, and it is used to fund things that benefit the public, including health, human service, environmental development, community development and other public service programs.

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Sao Tome and Principe - National Oil Account

According to the Community Tool Box, public funds are funds that come from the public treasury. It is revenue generated from tax payments, and it is used to fund things that benefit the public, including health, human service, environmental development, community development and other public service programs.

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Senegal FONSIS

According to the Community Tool Box, public funds are funds that come from the public treasury. It is revenue generated from tax payments, and it is used to fund things that benefit the public, including health, human service, environmental development, community development and other public service programs.

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Sudan - Oil Revenues Stabilization Account

According to the Community Tool Box, public funds are funds that come from the public treasury. It is revenue generated from tax payments, and it is used to fund things that benefit the public, including health, human service, environmental development, community development and other public service programs.

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