Nauru has been officially welcomed as a member of the International Forum of Sovereign Wealth Funds (IFSWF).
IFSWF is a global non-profit organization made up of over 30 Sovereign Wealth Funds (SWF) united by a common commitment of the Santiago Principles that guide appropriate conduct and accountability of investment practices.
Minister for Finance David Adeang attended the IFSWF annual meeting in Kazakhstan to formally accept the membership, which was achieved after high-level vetting and final IFSWF board approval processes.
"It's with great pleasure that I can confirm Nauru is now a member of the IFSWF and we are very proud of this international achievement," Mr Adeang said.
"This membership recognises Nauru's commitment to good governance, accountability, and prudent investment practices and places the Nauruan Intergenerational Trust Fund as a peer to many of the largest sovereign wealth funds in the world.”
The Intergenerational Trust Fund for the people of the Republic of Nauru was established by the Waqa government in 2015 with assistance from the governments of Australia and Taiwan.
The fund is administered by a Trust Fund Committee with the aim to generate future revenue for the country to invest in education, health, environment, and infrastructure.
By current estimates the fund is on course to build a reserve capital of $400 million by 2036.
Photo file. Caption: Nauru Minister for Finance David Adeang