Mexico launches sovereign oil fund

MEXICO CITY, January 5, 2015 – On January 2, 2015, the Mexican government launched the country’s first sovereign oil fund with the goal of supporting stabilisation and development through the management and distribution of the revenues from the country’s oil and gas industry.

While 40 percent of the fund will help finance future oil and gas activities, 10 percent will be invested in scholarships and education development projects, 10 percent into science and technology projects and 10 percent will be dedicated to the country’s universal pension fund.

The government has modelled the new fund after Norway’s sovereign wealth fund, which is estimated at around $850 billion and is the world’s largest. In order to promote transparency, the government will issue quarterly financial statements for public review.

According to a statement of the central bank, the fund started operations immediately.

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