Connect with us

3 Questions: Getting to Know Ithmar Capital

Published

on

Increasingly, long-term institutional investors are seeing opportunities in investing in renewable energy assets and climate change mitigation strategies, while trying to incrementally lower the carbon footprint. Ithmar Capital, a public investment fund from Morocco, has taken center stage on renewable investments. In November, the United Nations hosted the climate change summit in Marrakesh, Morocco. SWFI editorial has asked Ithmar Capital’s CEO Tarik Senhaji three key questions for our audience to get a better handle on what’s going on.

Ithmar Capital, CEO Tarik Senhaji

Ithmar Capital, CEO Tarik Senhaji


1. What was the genesis of creating Ithmar Capital and what role will it play for the country?

Ithmar Capital is part of the long-term development plans initiated by The Kingdom of Morocco in different economic sectors. While its initial focus was on tourism and infrastructure investments, Ithmar’s mandate has been extended in 2016 to cover all economic sectors in Morocco. Ithmar is a strategic publicly-sponsored investment organization with a dual objective: fostering development in Morocco and Africa while delivering financial performance. Its inception started from the identified demand of different institutional investors and sovereign funds willing to invest in different productive sectors of Morocco and looking for a local partner to reduce the project risk.

Ithmar’s strategy is aligned with State’s macro-economic strategies. The Fund takes strategic stakes in socio-economic projects and promotes policies that contribute to the development of key sectors of the national economy. As such, Ithmar plays an important role investing in projects in times when liquidity is scarce and in catalyzing foreign direct investments.

Ithmar Capital is a gateway to implement the proactive engagement of the Kingdom in terms of partnership and expertise.

2. Many pensions and a number of sovereign funds, such as the New Zealand Superannuation Fund, have a mandate to back climate-related commercial investments. What types of investments are going to be available in the GGIF Africa fund?

GGIF Africa aims is to implement major green development concepts and large infrastructure projects with the objective of catalyzing the evolution of Africa into a green economy.
Africa offers a great infrastructure potential, and research have demonstrated the necessity:

  • Only 1,000 MW of electricity production have been developed during the last five years when Africa needs 7,000 MW on a yearly basis;
  • Less than 5% of agricultural lands are irrigated;
  • Less than 10% of the hydroelectricity potential has been utilized;
  • Only 58% of Africans have access to drinkable water.

GGIF Africa projects will focus in scope on low carbon infrastructure, clean energy generation, low carbon transportation and efficient water usage to address the gaps highlighted above.

3. Will solar or wind investments be included in the GGIF Africa Fund?

Solar and wind investments will be encompassed as they perfectly fit into the definition of green projects in scope of GGIFA.

As stated above, Africa offers a great potential and electricity requirements in Africa are huge: less than 40% of Africa’s population has access to electricity (less than 30% in Sub-Saharan Africa), which creates immense opportunities for GGIF Africa investors.

The use of wind and solar energy has become more popular lately and has proven great benefits for both investors and the population. A concrete example is the implementation of solar and wind energy platforms in Morocco which has been successful so far and hence the experience can be replicated in other African countries.

SWFI First Read, January 16, 2018

Published

on

BP Plans to Take $1.7 Billion Charge to End Legal Claims on Deepwater Horizon

BP Plc is planning to take a US$ 1.7 billion charge to end legal claims regarding the disastrous 2010 Deepwater Horizon spill in the Gulf of Mexico.

Ethereum Co-Founder Leaves Fenbushi Capital

Vitalik Buterin, a co-founder of Ethereum, which is a cryptocurrency, exited China-based Fenbushi Capital. Fenbushi Capital was formed in 2015. Buterin is retaining his role as an advisor of Fenbushi Capital. Buterin dropped out of the University of Waterloo in 2014 when he got a Thiel Fellowship. This permitted him to work on Ethereum full time.

Kingdom Holding Sells Four Seasons Beirut Hotel Stake

Saudi Arabia’s Kingdom Holding sold its position in the Four Seasons Hotel in Beirut for roughly US$ 100 million. Blominvest, a unit of Blom Bank, advised on the transaction. The Four Seasons will continue to manage the property.

Continue Reading

Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

Published

on

Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Bpifrance, CDB and Cathay Capital Launch Third Cross Border Fund

Published

on

Bpifrance, China Development Bank Capital Co., Ltd. (CDB Capital) and Cathay Capital agreed to launch Sino French Midcap Fund II. This is the second fund the group is launching after the €500 million Sino French Midcap Fund I from June 27, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.