America plans to set up a Sovereign Wealth Fund (SWF) to rival that of Saudi Arabia. These are government-run investment funds, often based on natural resources, managing their wealth, stabilising State revenues and catering for future generations among other purposes.
Globally, SWF assets have reached $13 trillion. The US aims to buy a 50 percent stake in Chinese-owned TikTok, the same way Kenya could for a top-brand name such as Safaricom. Increasingly, strategic SWFs are used to address macro, development and development challenges.
