RDIF joins International Forum of Sovereign Wealth Funds

Zawya, Islamic Finance News, 19.11.2014

The Russian Direct Investment Fund (RDIF) is representing Russia at the International Forum of Sovereign Wealth Funds (IFSWF) - an organisation that brings together the world's leading sovereign wealth funds and government-run pension funds.

During the meeting, currently taking place in Doha (Qatar), senior executives of 28 sovereign wealth funds signed agreements and in doing so concluded the process of establishing the IFSWF as an independent professional association. Due to the growing influence of sovereign wealth funds on the global economy and their investment activities not being politically driven, the IFSWF became independent from the International Monetary Fund.

The meeting's participants agreed to cooperate more actively on issues concerning global financial stability, prospects and potential challenges of managing state assets, and also possible steps to increase business transparency and to adhere to the Santiago Principles.

Kirill Dmitriev, CEO of RDIF, said:

"The International Forum of Sovereign Wealth Funds' independence from the IMF has now been fully confirmed, which is significant given that investments made by participants in the forum are wholly focused on profitable opportunities and are not politically motivated.This format will enable us to support economic growth and global financial stability. Our involvement in the International Forum of Sovereign Wealth Funds helps RDIF to consolidate its partnership with the world's leading funds."