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CEO of world’s biggest wealth fund turns to Africa for profits

Published on April 16, 2015

Norway’s sovereign-wealth fund is pouring a bigger share of its cash into Africa in a bid to capture some of the fastest growth in the global economy.

The $890 billion fund, which is already in South Africa, is spreading its investments to the north and west of the continent in search of opportunities, Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which manages the fund, said in an interview on Wednesday at Bloomberg’s headquarters in New York.

“What’s new is that we have crept north -- Kenya and Nigeria -- we’re looking at quite a few west African countries,” he said. “In North Africa, for quite some time, we’ve been invested in Morocco and Egypt, there are also some investments coming in Tunisia.”

Africa has emerged as one of the fastest growing regions globally. And while the slump in oil has hurt Nigeria and Angola, the International Monetary Fund still sees growth rates for Sub-Saharan Africa that are twice those for developed nations. The number of middle-class households in the region has tripled since 2010, according to Johannesburg-based Standard Bank Group Ltd. Read more. Source | BloomBerg Business