Ithmar Capital has signed a partnership with Maharlika Investment Corporation (MIC), the sovereign wealth fund of the Philippines, to share expertise in sovereign wealth fund governance and management.
The two funds signed a memorandum of understanding (MoU) during a virtual ceremony attended by Moroccan and Philippine officials.
Obaid Amrane, chief executive of Ithmar Capital, signed the agreement with Rafael D. Consing Jr., president and chief executive of MIC. Philippine Finance Secretary Frederick D. Go, who also chairs MIC’s board of directors, attended the ceremony alongside Moroccan and Philippine diplomatic representatives.
The partnership creates a framework for the two institutions to exchange best practices and strengthen MIC’s institutional capacity.
A joint steering committee will oversee the work and prepare recommendations to help MIC adopt international governance standards.
Ithmar Capital will also support MIC’s efforts to build closer links with the International Forum of Sovereign Wealth Funds (IFSWF), the global body for sovereign wealth funds.
Ithmar Capital currently holds the presidency of the IFSWF, giving it a leading role in promoting international standards for governance and sovereign investment management.
