sovereign wealth fund
SOV-rin WELTH FUND
ˈsɒvrɪn wɛlθ fʌndListen
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Dictionary meaning
a state-owned investment fund that manages a country's savings derived from commodity exports, foreign exchange reserves, or fiscal surpluses for long-term purposes including saving for future generations, stabilising public finances during commodity price downturns, and funding economic diversification; in Africa, sovereign wealth funds have been established by Botswana (the Pula Fund, one of Africa's oldest), Angola, Nigeria, Ghana, Senegal, and Rwanda among others; the design and governance of sovereign wealth funds is critical to their effectiveness — well-managed funds like Botswana's have successfully converted mineral wealth into long-term national savings while poorly governed funds have been subject to corruption and mismanagement
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