The country’s sovereign wealth fund said its return on investment last year touched 8.8 per cent, which allowed it to contribute substantially to support the general budget
The new vehicle is in addition to the country’s $700bn sovereign wealth fund, a savings pot for life after oil
The country will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80
The government’s also attempting to push through parliament legislation allowing it to tap international bond markets
To generate liquidity, the government began last year swapping its best assets for cash with the $600bn Future Generations Fund
Moody’s now ranks Kuwait two steps lower than Fitch Ratings and one below S&P Global Ratings
The bill was designed to raise as much as $65bn
By law, 10 per cent of state revenue is annually transferred into the Future Generations Fund, which invests abroad and has adequate liquidity to meet any requirement