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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Fund Profile/New Launches

AfDB backs sovereign funds for resource-rich nations

Posted on 02 October 2013

Resource-rich countries should curb illicit financial outflows and set up sovereign wealth funds to manage windfall revenues from hydrocarbon and mineral exports, a senior African Development Bank (AfDB) official said on Monday.
Steve Kayizzi-Mugerwa, development research director at AfDB, said African countries could finance most of their development needs through their own resources without depending on external debt if they properly managed their wealth………………………………………..Full Article: Source


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