Mongolia joins International Forum of Sovereign Wealth Funds as associate memberEconomy
Ulaanbaatar /MONTSAME/. On September 12, the 11th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) was hosted in Juneau, Alaska by Alaska Permanent Fund Corporation (APFC). The IFSWF annual meeting brings together members and financial leaders to discuss the key global issues affecting investors.
Since its last meeting held in Marrakech, Morocco, the IFSWF has welcomed two new full members – Fonds Souverain d'Investissements Stratégiques (FONSIS) of Senegal and Bpifrance – and four new associate members – the Egypt Fund, the Future Heritage Fund of Mongolia, the National Infrastructure Investment Fund of India and the National Investment Fund of Cyprus.
The Future Heritage Fund of Mongolia was established in 2015 with the intent of collecting a portion of mineral revenue for future generations’ use and the main sources of the FHF's financing include 65 percent of the royalty payments and the dividends to the state owned shares of legal entities with state ownership participation or state owned enterprises which possess mining licenses for mineral deposits
The IFSWF is a global network of sovereign wealth funds (SWFs) established in 2009 to enhance collaboration and dialogue between members, to promote a deeper understanding of SWF activity and to raise the standard for SWF best practice and governance.