African nations bet on Sovereign Wealth Funds to catalyze sustainable economic development
MOZAMBIQUE, pinning its hopes on vast natural gas reserves to drive sustainable economic development, has created a national investment savings fund called the Mozambique Sovereign Fund. According to Reuters, the country's parliament last month approved the fund's establishment, anticipating it to accumulate up to US $91.7 billion by 2040. In an interview with news platform 360 Mozambique, Max Tonela, the Minister of Economy and Finance, highlighted that revenues from natural gas “will peak in the 2040s at more than 6 billion dollars a year.” Mozambique exported its first natural gas cargo to Europe in 2022 from the Coral Sul floating…