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Namibia Forms Wealth Fund To Weather Economic Shocks

Hage Geingob
Hage Geingob

Photographer: Rodger Bosch/AFP/Getty Images

Namibia has set up a sovereign wealth fund to serve as a buffer against future economic shocks, President Hage Geingob said.

Royalties from the sale of natural, renewable and non-renewable mineral resources, taxes, divestiture from public investment holdings and contributions from certain state-owned enterprises will finance the fund launched Thursday.