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Sunday, September 21 2014 @ 02:02 AM AST

T&T appoints new sovereign wealth fund chairman



Minister of Finance and the Economy Larry Howai (left) presents Dr Ralph Henry (right), newly appointed Chairman of the Heritage and Stabilization Fund with his instrument of appointment.

Dr Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (Trinidad and Tobago's sovereign wealth fund), a release from the Ministry of Finance and the Economy said today.

Henry "has served as a lecturer at the University of the West Indies and as a consultant to a number of regional and international organizations which include the Inter-American Development Bank, the Caribbean Development Bank, the World Bank and the CARICOM secretariat to name a few. Dr Henry was also appointed the first Chairman of the Telecommunications Authority of Trinidad & Tobago."

While congratulating Dr Henry on his appointment, Howai emphasized that the objective of the fund, the release said, "is to efficiently and effectively manage the nationís excess wealth derived from the oil and gas revenues."

The release said the net asset value of the fund is US$5.1 billion, up from US$2.9 billion in 2009. However, contributions to the fund have been falling steadily, from US$451 million in 2011, to US$207 million in 2012 to US$42 million in 2013.

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