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By Nume Ekeghe and Peter Uzoho The Nigerian Sovereign Investment Authority (NSIA) has said it will collaborate with the newly-established infrastructure company (infraCo) to support the development of Nigeria’s infrastructure. President Muhammadu Buhari recently approved the establishment of the infraCo, a public-private partnership (PPP)-styled infrastructure company with an initial seed capital of N1 trillion to help address Nigeria’s huge infrastructure deficit. Speaking on the sidelines of a seminar for journalists, organised by The Whistler Newspaper, the Head of Corporate Communicat...

Kuwait submitted a draft law to its parliament seeking to withdraw as much as $16.5 billion a year from the country's sovereign wealth fund.

Advertisement A robust financial sector is helping Kuwait weather the Covid storm. But the emirate’s economic future will depend on some difficult reforms. February 03, 2021 Last month, Ahmad Nasser Al Mohammad Al Sabah, Kuwait’s minister of foreign affairs, announced the reopening of borders between Qatar and Saudi Arabia, effectively putting an end to the three-year-long embargo of Doha by many of its regional neighbors. The historic deal gave tiny Kuwait a regional diplomatic triumph—offset, however, by a troubling economic situation at home. Like most Middle Eastern countries, Kuwai...

Fitch affirmed Kuwait’s AA rating but said “the imminent depletion of liquid assets” and “absence of parliamentary authorization for the government to borrow” was creating uncertainty. Its report follows S&P Global Ratings’ recent warning that it would consider downgrading Kuwait in the next six to 12 months if politicians fail to overcome the impasse. Though it’s a high-income country, years of lower oil prices have forced Kuwait to burn through its reserves. Desperate to generate liquidity, the government began last year swapping its best assets for cash with the $600 billion ...

Covid-19 and lower oil prices force Kuwait to tap into its wealth fund as cash dries up SECTIONS Covid-19 and lower oil prices force Kuwait to tap into its wealth fund as cash dries upBloomberg Last Updated: Feb 04, 2021, 01:46 PM IST Share Synopsis Unlike Saudi Arabia and others, however, Kuwaiti lawmakers have blocked proposals to borrow on international markets to cover the fiscal shortfall. Kuwait hasn’t returned to the market since its debut Eurobond issuance in 2017. AP Kuwait’s government has transferred the last of its performing assets to the country’s sovereign wealth fund in ...