Palestine Investment Fund

Palestine Investment Fund
Native name
صندوق الاستثمار الفلسطيني
IndustrySovereign wealth fund
Founded2003; 21 years ago (2003)
Headquarters
Palestine
Key people
Mohammad Mustafa, Chairman and Co-President
Total assets$800m (2010)

The Palestine Investment Fund (Arabic: صندوق الاستثمار الفلسطيني, PIF) is an independent investment company aiming to strengthen the Palestinian economy through strategic investments, while maximising long-run returns for its ultimate shareholder; the people of Palestine.[1] Established in 2003, it was created by a transfer of assets previously managed by the Palestinian Authority.[2] Since January 2009, Mohammad Mustafa has been the chairman and co-president of the company.[3]

Its assets total $800m.[4]

According to one source, the PIF does two internal audits; one from PricewaterhouseCoopers and another by an internal audit unit. External audits are undertaken by Ernst and Young, who have independently verified that PIF's financials are in accordance with international auditing standards. Furthermore, the State Audit and Administrative Control Bureau audits the PIF's governance and financial systems and, in addition, scores the performance of its internal auditing systems. Even further, the PIF is partners with US OPIC, UK DFID, and the World Bank's IFC.[5]

The fund has signed up to the Santiago Principles on best practices for managing Sovereign Wealth Funds and joined the International Forum of Sovereign Wealth Funds.[6]

Under Palestinian Authority Prime Minister Salaam Fayyad, the PIF was celebrated for its transparent business practices, but since 2011, it has become involved in funding more and more questionable projects.[7]

  1. ^ Palestine Investment Fund. "Palestine Investment Fund Official Website". Palestine Investment Fund. Retrieved 2016-02-05.
  2. ^ "Palestine Investment Fund | Sovereign Wealth Fund Institute". Swfinstitute.org. Retrieved 2016-02-05.
  3. ^ "Mohammad A. Mustafa Ph.D.: Executive Profile & Biography - Businessweek". Bloomberg L.P. Retrieved 2016-04-05.
  4. ^ "Business Real Estate News | Technology | Travel Guide". Archived from the original on April 11, 2010. Retrieved August 15, 2012.
  5. ^ Ashby Monk (4 August 2011). "Corruption at the Palestine Investment Fund?". University of Oxford. Archived from the original on 19 December 2012. Retrieved 2016-02-05.
  6. ^ International Forum of Sovereign Wealth Funds. "Our members". Retrieved 24 May 2017.
  7. ^ Jonathan Schanzer (8 November 2011). "Should Treasury Sanction the Palestinian Investment Fund?". The Weekly Standard. Archived from the original on February 10, 2013. Retrieved 2016-02-05.