List of African Sovereign Wealth Funds 2013

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African sovereign wealth funds and national investment funds have been gaining in prominence over the past few years. The FT this week did a special feature on finance and banking in Africa, which you can find here. All the articles are well worth a read but one centered on SWFs in Africa; despite their size lagging SWFs in Asia and the Middle East, national investment funds in Africa have been growing steadily thanks to the development of primary industries (mostly oil) and better fiscal discipline.

While these types of funds normally look to make international investments like Nigeria’s foray into US fixed income this year, they can also be a big player in local equity markets. More developed Asian countries have shown that these national investment funds can be used to prop up local equity markets in times of need, such as Hong Kong during the Asian financial crisis in 1998. More recently, we have seen the impact that government investment funds can have in Rwanda, where Crystal Ventures, the investment fund owned by the ruling political party, recently announced they would unload their stake in MTN, the largest telecom company in the country.

We’ve compiled an up-to-date list of African sovereign wealth and investment funds. The ones we saw online were incomplete, and we’ve listed several countries that have proposed sovereign wealth funds but have not seeded them with capital yet (Kenya, Sao Tome & Principe, South Sudan, and Tanzania).

Here’s the complete list of African sovereign wealth funds: (Updated as of Dec 2013)

Country Fund Name Assets
($ Mio)
Since Notes
Algeria Fund for the Regulation of Receipts (FRR)   77,200.0 2000 Funded by oil & gas profits
Angola Fundo Soberano de Angola (FSDEA)     5,000.0 2012 7.5% of fund to social projects
Botswana Pula Fund     6,900.0 1994 Funded by diamond profits
Chad Oil Revenue Management Plan                – 2003 Created with World Bank, scrapped in 2008
Equatorial Guinea Fund for Future Generations (FFG)         80.0 2002 Funded by 0.5% of all oil revenues
Gabon Fonds Souverain de la Republique Gabonaise (FSRG)         380.0 Funded by oil profits
Ghana Petroleum Holding Fund           72.0 2012 Funded by oil profits, flows to Ghana Heritage Fund and Stabilisation Fund
Kenya         120.0 2014 Mining Bill 2013 proposed, Sh10 bio initial start-up expected, funded by minerals
Libya Libyan Investment Authority (LIA)   65,000.0 2006 Funded by oil & gas profits
Mauritania Fonds National des Revenus des Hydrocarbures (FNRH)         300.0 2006 Funded by oil & gas profits
Nigeria Nigeria Soverien Investment Authority     1,000.0 2011 Funded by oil profits, flows to 3 funds: Stabilisation, Future Generations, Infrastructure Fund
Rwanda Crystal Ventures         500.0 2009 Owned by Rwanda Patriotic Front (RPF)
Sao Tome and Principe National Oil Account                – 2004 If oil discoveries are made, profits will go towards this account
South Sudan Oil Revenue Stabilization Account, Future Generations Fund                – 2013 15% of oil profits go to Stabilization Account, 10% to the Future Generations Fund
Tanzania Natural Gas Reserve Fund                – 2013 Funded by gas profits

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