Norway’s sovereign wealth fund, the world’s largest, was created in the 1990s to invest excess profits from the country’s oil and gas sector.
The Norwegian State Pension Fund (aka the Oil Fund), the world’s largest sovereign wealth fund, made a record profit of 2.222 billion kroner ($213 billion) at the end of 2023. The fund made a record profit thanks to the investing in parts of the technology sector, CNBC reports.
The fund’s investment return was reported to be 16.1% last year.
“Despite high inflation and geopolitical turmoil, the stock market was very strong in 2023 compared to the weak previous year,” said Norges BankInvestment Management chief executive Nikolai Tangen.
The publication also noted that the fund continued its losses of NOK 1.66 trillion recorded in 2022.
Norway’s sovereign wealth fund, the world’s largest, was created in the 1990s to invest excess profits from the country’s oil and gas sector. The fund is currently invested in more than 8,500 companies in 70 countries.
It was previously reported that Norway plans to make conditions for Ukrainians “less attractive.” The government was motivated by significant interest in Norway by Ukrainians who left for Europe because of the war, and by more favorable conditions than in other countries.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.