ArmInfo.The International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth funds from more than 40 countries, has admitted the Indonesia Investment Authority, as a full member, as well as the Armenian National Interests Fund, Malta Government Investments and the Mauritius Investment Corporation as associate members.
According to the ANIF press release, IFSWF associate membership is specifically for institutions in the early stages of becoming sovereign wealth funds. By becoming associate members, ANIF, MGI and MIC voluntarily agree to work to implement the Santiago PrinciplesR, as they put their investment and risk management processes in place. Associate membership is granted for up to three years.
Obaid Amrane, Acting Chair of the IFSWF, said: "We are delighted to admit INA to full membership and to welcome ANIF, MGI and MIC as associate members. It is encouraging that so many new sovereign wealth funds are voluntarily agreeing to implement the Santiago Principles. By so doing, they are strengthening sovereign wealth fund governance practices across the globe. IFSWF looks forward to supporting them on their progress towards full membership."
David Papazian, CEO of the Armenian National Interests Fund, said:"We want to thank the Board of IFSWF for approving ANIF's application for associate membership. It is an honour and a responsibility as we are looking forward to full membership and full compliance with Santiago Principles. This is also a big step for Armenia that is yet another proof of our country's commitment to further integration of international best practices on transparency and accountability to our country's financial sector".
It should be noted that the Armenian National Interests Fund (ANIF) was established in 2019 with a mandate to consolidate and effectively manage the property of state-owned enterprises of Armenia. The Fund promotes the growth of exports and investments by providing co-financing for large-scale projects at the initial stage of implementation. ANIF's investments cover the areas of "smart" agriculture, aviation, transportation, finance, solar energy, healthcare and tourism. It should be noted that despite all the efforts of ArmInfo for transparency, it was not possible to find and familiarize with ANIF's financial reports of the last years.
