Sovereign wealth funds

Norway's sovereign wealth fund saw a negative return of 2.2 percent in the third quarter, the country's central bank said yesterday, losing the equivalent of nearly $34 billion.

The Norway Government Pension Fund Global lost 374 billion kroner during the three-month period, with its value falling to the equivalent of $1.34 trillion at the end of September.

Philippine President Ferdinand Marcos yesterday signed into law a bill creating a $9 billion sovereign wealth fund aimed at boosting economic growth and infrastructure spending, but critics warned it will be prone to misuse.

Marcos had pushed Congress for swift approval of the bill, which was filed by his son and cousin late last year.

NEW YORK - On the first day of a visit to the US, Serbian Minister of Science, Technological Development and Innovation Jelena Begovic met with UAE Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange Abdulla Nasser Lootah and Abu Dhabi Investment Authority Director General Alhur Alsuwaidi in New York on Tuesday.

Discussions on the proposal to establish a Disaster Reconstruction Fund were held at the General Assembly of the Parliament and the proposal was enacted into law.

The government of Dubai on Oct. 10 announced a diversified portfolio of public-private partnership (PPP) projects worth more than 25 billion dirhams ($6.81 billion).

The Turkey Wealth Fund (TWF) is subject to very strict and thorough audit, Vice President Fuat Oktay has said.

Replying to opposition criticism about the debt ratio of the fund during a parliamentary debate on the 2021 budget, Oktay said on Dec. 16 that claims that the TWF is not being audited are wrong.

A "Turkish House" has been set up at the venue of the World Economic Forum (WEF) in Davos, Switzerland in a bid to promote investment opportunities in Turkey.

It was launched under the guidance of the Treasury and Finance Ministry in coordination with the Banks Association of Turkey.

Piraeus Bank has agreed to support a new 650-million-euro infrastructure investment program developed by the Development and Investments Ministry and the European Investment Bank.
Projects will be able to apply for new financing under the initiative in the coming weeks.

The Turkish Treasury's cash balance posted a surplus of 5.69 billion Turkish liras ($1 billion) in August, the Treasury and Finance Ministry announced on Sept. 6.

Today, Sofia hosts the international meeting of development banks from the Balkans and Central and Eastern Europe.

The event is organized by the Bulgarian Development Bank.

The meeting is linked to the new investment program of the European Union - InvestEU. It is based on the strategic investment fund of the so-called Juncker Plan, reports pariteni.bg.