25.03.2013 - Cyprus approves sovereign wealth fund
The Cypriot parliament passed emergency legislation relating at setting up the groundwork for a bailout deal. These bills include the creation of a sovereign wealth fund, nationalization of pension assets and imposing strict limits on the movement of capital. The Eastern Mediterranean Sea has offshore gas deposits; capital-intensive infrastructure is needed to extract the gas and transport it. The future sovereign wealth fund of Cyprus has a long way to go to receive funding from offshore gas deposits...............................................Full Article: Source
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