Sovereign Wealth Fund Creation Ahead Of Production


News: Kenya is planning to create a sovereign wealth fund to invest revenue from Tullow Oil and Africa Oil Corporation's 2016 oil production, reports Bloomberg, citing Central Bank Chairman Mbui Wagacha. The country's attorney general is modifying a draft framework for the fund, which is expected to protect the economy from cyclical changes in commodity prices, invest in infrastructure and build savings for future generations. 'We are unique in Kenya in that we are setting up our sovereign wealth fund prior to the phase of exploitation of natural resources,' Wagacha said, reports World Oil.

This article is tagged to:
Sector: Oil & Gas
Geography: Kenya