08.07.2013 - Kenya is not ready for a sovereign wealth fund
Kenya is moving to set up a sovereign wealth fund to manage its mineral wealth even before a drop of oil or deposit of coal is mined. The move is well-meaning, but a bit on the optimistic side. A draft law that will see 25 per cent of all mineral wealth consigned to a fund that will store the wealth for future generations is being cobbled together. A sovereign wealth fund (SWF) is a large stash of money, usually from selling hydrocarbons, that is mostly invested abroad to provide returns in the future. This is mostly the preserve of oil exporters (Qatar, Saudi Arabia), finely tuned economies, (Singapore, China), and commodity-rich countries (Australia)...............................................Full Article: Source
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