NORWAY – Norway’s Government Pension Fund – Global, the former Petroleum Fund, is set to grow to about NOK1.7trn (€218.4bn) by the end of this year.
“At the end of 2005, the market value of the Government Pension Fund – Global was NOK1,390bn, about NOK80bn higher than expected when the 2006 budget was approved,” the Ministry of Finance said in the revised national budget for 2006.
It added: “The value is estimated to grow to about NOK1,700 billion by the end of 2006, equivalent to 84% of GDP.”
The revision was presented by Minister of Finance Kristin Halvorsen last week.
It was also announced that the government intends to let the fund increase its investments in market instruments by NOK10bn from the start of next year.
Earlier this year IPE reported that Norges Bank Investment Management is to receive NOK1.2bn (€150m) for running the Government Pension Fund – Global in 2005.
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