The second tier of the pension system the compulsory funded State pension scheme is based on the principle of investing individual social insurance contribution payments, providing that part of the person's social insurance contribution payments for old age pensions will be invested.

The success of these funds would demonstrate to private investors, particularly socially responsible investors, not only the investment potential but also the social impact of emerging markets for financial services to the poor.

Most are social investment funds operating in a not for profit or semi commercial manner.

IV. INVESTMENTS OF THE FUND . 48 79 14

8. The liberalization of cross border flows had led to the internationalization of investments by institutional funds.

70. This involves activities related to the use of the mechanism of investment funds (country funds, venture capital funds or specific sectoral investment funds) to attract foreign investment flows in least developed countries.

The Conference called on the Board of Trustees of the ISF Waqf and the committee for the development of resources to redouble its efforts to ensure a better diversification of the investment portfolios of the Waqf funds through investment opportunities and in accordance with Islamic Sharia.

4. Other capital providers Capital providers other than commercial banks and international financial institutions may include institutional investors such as insurance companies, mutual funds, pension funds or investment funds.

The Fund financed social infrastructure and community development projects for low income groups, which were provided with technical and financial resources and with information at various levels in accordance with the concept of structured social investment.

At the same time, the demand for new investment opportunities exists in the financial markets, particularly from socially responsible investors.

The real estate investments of the Fund require legal reviews of each investment opportunity.

Conditions for the creation of investment funds in LDCs

Other complementary sources of equity capital may include investment funds and other so called institutional investors such as insurance companies, mutual funds or pension funds.

Income derived from investments, other than trust fund investments, shall be credited to the general fund as miscellaneous income.

In that context, several speakers supported the Economic and Social Commission for Asia and the Pacific (ESCAP) initiative to establish an Asian investment bank and proposed the creation of an infrastructure fund for Africa financed by pension funds.

197. Disability pensions are financed from the Social Insurance Fund and, in the case of farmers, from the Farmers apos Fund.

The Board reports to the General Assembly on the operations of the Fund and on the investment of its assets.

It had channelled external cooperation into poverty reduction programmes through its Emergency Fund for Social Investment.

Fundline includes portfolio investment funds, private equity funds and companies, venture capital funds, mutual funds and other equity vehicles.

It is assumed that 4.3 per cent of the Fund's assets are invested in small capitalization funds.

249. Most social security expenditures are financed from the central budget and from special funds of this budget the Social Insurance Fund, the Pension Fund In 1993 the Social Insurance Fund financed the majority of pension benefits and non agricultural allowances and the Pension Fund financed agricultural pension benefits.

The Government had established the Social Investment Fund to meet the needs of the poor and the socially excluded, including children, adolescents and single mothers.

250. The main fund financing social security expenditures, the Social Insurance Fund, was planned to cover expenses from collected contributions.

Note SRF indicators 2.1.1 and 2.2.1 relate only to UNCDF investments, whereas 2.3.1 relates to both UNCDF and UNDP investments.

All payments made in reimbursement of sums allocated from the Fund's resources and income from investment of its capital are added to its resources.

More than 50 funds invest in microfinance.

The Board expressed its appreciation to the representative of the Secretary General, to the Chairman and members of the Investments Committee, and to the staff of the Investment Management Service and the investment advisers, for the good investment performance of the Fund.

The UNICEF share in the funding of the project for 1992 1994 amounted to US 150,000.

The issues to be considered will include (a) prospects for, and constraints on, foreign investment flows to LDCs, through investment funds such as country funds and venture capital funds (b) investment opportunities in LDCs by country and by sector (c) conditions for the creation of investment funds for LDCs.

The fund earns interest out of investment in securities.

These funds are to philanthropy what venture capital, private equity, and eventually mutual funds are to investing, but with a twist because often a community forms around these funds, as it has at Acumen and other places.

Or the deposits can be investments in D.E. Shaw s funds and the loans can be the complex derivatives that make up D.E. Shaw s portfolio.

Joint Social Investment

58. In August 1991 the Government promulgated Legislative Decree No. 657, setting up the National Compensation and Social Development Fund (FONCODES), with the aim of financing social investment projects throughout Peru.

In carrying out its mandate, the Service aims to achieve the goals and objectives of the Fund's investments, which are to

While it was not possible to find a pension fund portfolio sufficiently similar to the Fund apos s against which investment returns might be compared, a strategic benchmark for the Fund had been implemented on 1 January 1997.

Calls on the Waqf's Supervisory Council and the Committee for Resources Development of the ISF to intensify their efforts to better diversify the investment portfolios of ISF's Waqf Fund at the Islamic Development Bank.

2. Expresses its appreciation to the Secretary General and to the members of the Investments Committee for the investment performances of the Fund, which contributed significantly to the actuarial surplus of the Fund as at 31 December 1999

2. Expresses its appreciation to the Secretary General and to the members of the Investments Committee for the investment performance of the Fund, which contributed significantly to the actuarial surplus of the Fund as at 31 December 1997

All parties involved in the investment process reviewed the Fund apos s portfolio continuously and carefully.

With regard to the level of finance available, the LDC Group believed that the international community should support LDCs in assessing their investment and infrastructure needs.

Water Supply and Basic Household Sanitation The National Health Foundation will serve 13 communities (or groups of communities).

14. On the issue of insurance coverage for the Fund s investments in equities,8 the Pension Board noted that the Board of Auditors had considered that the assets of the Fund had not been adequately protected and had recommended that the contracts with the Fund s custodians should be reviewed, with a view to providing adequate insurance coverage.

Invest financial assistance, but also management assistance.

Co financed by the European Social Fund (ESF) the ESF federal programme AFG Plus was launched in November 1994.