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IDFC and Khazanah Create a Infrastructure Development Company

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The IDFC press release states, “IDFC and Khazanah have agreed to enter into a joint venture (JV) to set up a dedicated infrastructure development company with a focus on road sector in India. Khazanah would hold 80.1 % of the equity share capital in the proposed JV and the balance would be held by IDFC. Khazanah and IDFC also propose to invest in convertible instruments issued by the JV.

The first investment of this JV will be in Jetpur Somnath Tollways Limited (JSTL), subject to receipt of necessary regulatory approvals and permissions, including those from the National Highway Authority of India. JSTL undertakes development of a project involving four-laning the Jetpur-Somnath section of the National Highway-8D in the State of Gujarat. 74% of the share capital of JSTL is currently held by IDFC Projects Limited (IDFCPL). The JV will initially acquire 48% of the share capital of JSTL from IDFCPL and will ultimately acquire the entire shareholding of IDFCPL in JSTL and hold 74% of the share capital of JSTL.”

Source: Infrastructure Development Finance Co Press Release

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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