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Fiji : FNPF endows $US50 million in new EAF.

$US50 million ($F103.3m) has been endowed by the Fiji National Provident Fund (FNPF) in a new $US200m ($F413m) Emerging Asia Fund (EAF).

A subsidiary of the World Bank's International Finance Corporation (IFC) has established the fund.

FNPF chief operating officer Jaoji Koroi affirmed the amount endowed, stating they have joined as a co-investor in a private equity fund in emerging markets of the Asia region with IFC and the Korean Development Bank.

This endowment was a substantial step taken by FNPF in collaborating with IFC to take advantage of opportunities in the private sector in emerging Asia markets.

This investment is aligned to the fund's diversification strategy to raise exposure to growth assets and develop long-term return on investments.

"The Emerging Asia Fund is a 10-year close-ended fund which satisfies the fund's appetite for assets with longer duration.

"The IFC has committed up to $US200m ($F413m) and the FNPF $US50m to the $US1b ($F2.05b) IFC Emerging Asia Fund, which reached a first close last week. The Korean Development Bank has also signed as a significant investor in EAF."

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Publication:Mena Report
Geographic Code:90ASI
Date:Aug 3, 2016
Words:193
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