CEO of world's largest sovereign wealth fund turns to Africa to boost profits

Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, listens during an interview in New York, on April 15, 2015. Photographer: Chris Goodney/Bloomberg

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.”

Read more: CEO of Biggest Wealth Fund Turns to Africa for Profit Growth – Bloomberg Business.

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