When Iraqs government was looking for advice on how to invest billions of dollars of future oil revenues in a way that would underwrite the nations prospects without ruffling geopolitical feathers there was only one country it could turn to: Norway.
The Oslo government already runs an official program on how to run sovereign wealth funds and has worked with authorities in Kazakhstan, East Timor, Bolivia, the Faroe Islands (Færøerne) and several African countries among others.
Norway sets the standards by which other sovereign wealth funds are judged, providing benchmarks for the transparent and accountable management of massive assets in a manner that does not distort the normal working of markets – and which generates decent returns.
With pressure on the World Bank and International Monetary Fund to impose guidelines on the way sovereign wealth funds are run, these institutions are also expected to turn to Norway for inspiration – contact has already been established.
Kilde: www.worldbank.org
