02.01.2013 - Rise of the African sovereign wealth fund
African sovereign wealth funds are emerging to save and invest resource revenues. If efficient, they could also boost domestic growth and credit ratings. A spate of sovereign wealth funds are opening across Africa as resource-rich countries look to manage their revenues. Nigeria and Angola have both launched funds in recent months, with Tanzania's president Jakaya Kikwete also stating his intent to set aside revenues from new gas discoveries. Almost every member of Opec operates a sovereign wealth fund - a state-owned investment fund - to ring-fence oil revenues and ease the impact of commodity price volatility. Now, after years of poor fiscal management and the 'resource curse', African countries are also looking to SWFs to save hydrocarbon revenues, diversify their wealth and boost domestic growth...............................................Full Article: Source
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