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Egypt’s Foreign Reserves Grow by $705 Million in August

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The Central Bank of Egypt reported that foreign reserves grew by US$ 705 million in August 2012. This is resuming a rise after falling the month preceding. Egypt’s net international reserves stood at US$ 15.13 billion at the end of August 2012. During the Egyptian overthrow of President Hosni Mubarak, reserves dropped more than 50%.

In late August 2012, the central bank sold 513 million euros worth of euro-denominated T-bills. Foreign investors constituted around 20% of the inaugural euro T-bill auction.

In mid-August 2012, after a meeting between Egyptian President Mohamed Morsi and Qatar’s emir, Sheikh Hamad bin Khalifa Al Thani, Qatar plans to deposit US$ 2 billion at the Central Bank of Egypt. This is a signal showing support from Qatar. The country of Egypt is still in a relatively fragile political state coupled with a growing balance of payments predicament.

Scatec Solar Places Big Solar Bet in Bangladesh

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Oslo-based Scatec Solar ASA, a publicly-traded independent power producer operating in the emerging market solar development space, plans to construct and own a 800 mega watt photovoltaic solar power plant in Chandpur, Bangladesh. Scatec Solar has solar assets scattered across numerous emerging markets such as South Africa, Rwanda, Honduras, Egypt, Jordan and the Czech Republic.

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APFC Sells $1.4 Billion Stake in Simpson Housing

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The Alaska Permanent Fund Corporation (APFC) embarked on a major shift in its real estate portfolio by selling a 50% ownership stake in Denver-based Simpson Housing LLLP for US$ 1.4 billion. Simpson Housing had made up roughly 24.7% of APFC’s US$ 5.6 billion real estate portfolio. The other owner of Simpson Housing is that State of Michigan Retirement Systems.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ISIF Invests in Cybersecurity Firm Vectra

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The Ireland Strategic Investment Fund (ISIF) committed €10 million to Vectra Networks, Inc., a San Jose, U.S.-based cybersecurity company. The investment capital will assist Vectra in creating a research and development center in Dublin.

ISIF is part of a larger funding round of €30 million. These other investors include Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Kevin Dillon, who is the former Head of Microsoft Ireland and a Managing Partner at Atlantic Bridge, will join the board of directors at Vectra.

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