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26. Fund (or investment vehicle) multiplier = total size of fund or facility / public capital invested in fund. Investment multiplier = total capital invested in project / public capital invested in project. 27. As a government agency, ISIF must ensure that its investments do not breach European union rules preventing unfair financial support for private sector enterprise. Every ISIF investment is subject to a strict vetting and cost-based analysis process in this respect. 28. For a specific discussion on SIFs, please see Halland (2019); discussion on SWFs in general can be found in various papers, including Al-Hassan et al. (2018). 29. See especially Gelb, Tordo, and Halland 2014 and the references therein. 30. See the nSIA Santiago Principles Self-Assessment 2019 (https://www.ifswf.org /assessment/nsia-self-assessment-2019). 31. See the ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment /ireland-strategic-investment-fund). 32. See the Khazanah nasional Berhad Santiago Principles Self-Assessment 2019 (https:// www.ifswf.org/assessment/khazanah-nasional-berhad-2019). 33. See the FOnSIS Santiago Principles Self-Assessment (https://www.ifswf.org/assessment /fonsis-self-assessment). 34. See the ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment /ireland-strategic-investment-fund). Excerpt for proceeds from the divestment of directed investments as per section 47(4) of the nTmA Act 2014. 35. Tax exemption generally relates to the legal structure of the SIF (see chapter 3 for more detailed discussion). 36. This section derives from consolidated World Bank Group comments for draft laws for various SIFs. 37. It is precisely the implicit guarantee of government participation that is attractive to private investors and that can crowd in private capital. 38. Pages 48–55 of the report contain oral testimony from the Green Investment Bank related to the political and regulatory risk and the Green Investment Bank’s role as an adviser on policy. 39. The national reconstruction Levy Act 2001 (Act 597) had previously been introduced by the government to mobilize financing for national development through a 1.5 percent to 7.5 percent levy on companies’ profits before tax. 40. For instance, a country may not have regulation on the establishment of private equity funds or may choose not to establish SIFs using other governance arrangements (for instance, FOnSIS, ISIF, and nSIA were not established as limited partnership structures).

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