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SWFI First Read, September 11, 2016

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Egypt Gets First US$ 1 Billion Tranche from World Bank

The Egyptian government has received the first US$ 1 billion tranche of a US$ 3 billion policy finance loan from the World Bank. It is a 3-year loan. Egypt has been plagued with a faltering foreign exchange shortage. The program for the loan is called the First Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF).

BNP Paribas Investment Partners Names Global Head of Sales

BNP Paribas Investment Partners hired James D. Dilworth as global head of sales. This is a new position and Dilworth will be based in London. Dilworth will report to BNP Paribas Investment Partners CEO Frederic Janbon. Dilworth will also be part of the firm’s executive committee. Previously, he was at Deutsche Asset & Wealth Management, where he served as managing director and head of active asset management.

Strathclyde Pension Fund Kicks in More Money of Offshore Wind

Strathclyde Pension Fund has allocated an additional £30 million for offshore wind projects in the United Kingdom. The investment has been made through a follow-on commitment to the Green Investment Bank (GIB).

Bank of China Buys Large Sydney Office Building

The Bank of China has acquired a 14-storey office building in Sydney, Australia for A$ 130 million from Deutsche Asset Management’s RREEF Real Estate. The building is at 140 Sussex Street and has views of Darling Harbour. 140 Sussex Street’s major anchor tenant, ING Australia, plans to move to a new office tower at 60 Margaret Street. The deal was brokered by CBRE. Bank of China also owns an office building at 39 York Street.

San Diego City Employees’ Retirement System to Exit REITs

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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