Exclusive Interview: Panama’s SWF Chief Discusses Asset Allocation

February 29, 2016 by Loch Adamson

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In 2006, the Panamanian government launched an ambitious project to restore the jewel in the nation’s crown: the Panama Canal. At the time, the canal’s aging infrastructure was struggling to cope with rising volumes of maritime traffic — and the government pledged over $5 billion to renovate and expand the waterway to accommodate more ships. Anticipating big cash windfalls from the widened canal, the government created the Fondo de Ahorro de Panamá (FAP) in 2012 to manage the increased revenue. Four years later, however, the new sovereign wealth fund has not received any capital from the canal because the expansion project has been plagued with engineering problems. Although reconstruction was due to be completed in time for the canal’s centenary in 2015, the works have overrun that schedule as the canal’s new locks have started to spring leaks. Irrespective of those issues, however, the fund has begun to…

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