Brazil-Government set up Sovereign Fund.
BRAZIL.
NEW SOVEREIGN FUND.
Brazilian President Lula da Silva, has signed a law creating a Sovereign Wealth Fund, to protect the country from the global recession and help Brazilian companies to export overseas.
The announcement was made on Boxing day in San Paulo, by the presidents press office.
The bill was rejected by Congress a few weeks ago, however as the economic situation has deteriorated globally, the bill has now been passed with little opposition. The statement provided no details of how this is going to be funded.
