Kuwait Increases Contribution to Future Generations Fund
The Kuwait Investment Authority (KIA) manages the assets of Kuwait’s Future Generations Fund (FGF). In 1976, Kuwait’s Crown Prince Jaber al-Ahmed al-Jaber al-Sabah who was the deputy emir of Kuwait issued a law creating the Future Generations Fund. The FGF is savings fund for future generations where assets are invested outside of Kuwait. Investment income is reinvested.
Kuwait had a record budget surplus due to high oil income and lower than predicted governmental expenditures. Due to several key factors, the government of Kuwait plans to increase contribution into the future fund from 10% to 25% this fiscal year. Kuwait’s cabinet notified the Kuwait Ministry of Finance to make the modification in the fiscal budget ending March 2013.
The Kuwait Investment Authority also manages the General Reserve Fund (GRF). This fund holds government assets such as participation in state-owned enterprises like the Kuwait Fund for Arab Economic Development and the Kuwait Petroleum Corporation.
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