SOVEREIGN WEALTH FUNDS: GOK LETTER TO TREASURY ON

UNCLAS KUWAIT 001761

SIPDIS

SENSITIVE
SIPDIS

STATE FOR NEA/ARP, EB; TREASURY FOR U/S MCCORMICK

E.O. 12958: N/A
TAGS: EFIN EINV KU
SUBJECT: SOVEREIGN WEALTH FUNDS: GOK LETTER TO TREASURY ON
BEST PRACTICES

REF: KUWAIT 1600


1. (SBU) The Central Bank of Kuwait Deputy Governor Dr.
Nabeel A. Al-Mannae provided post with a letter addressed to
U.S. Treasury Under Secretary for International Affairs David

H. McCormick, in which he expressed CBK interest in sovereign
wealth fund governance. The letter is a follow-up to
meetings held in October between Dr. Al-Mannae and U/S
McCormick (reftel),in which McCormick suggested the Central
Bank work with the IMF to create a set of SWF best practices
for Sovereign Wealth Funds (SWF's).


2. (SBU) Following is post's informal translation of Deputy
Governor Al-Mannae's letter to U/S McCormick, dated December
5, 2007

Dear Mr. McCormick,

I appreciate your letter of November 5, 2007 recalling our
brief meeting in Kuwait in which we had the opportunity to
exchange some thoughts on developing voluntary guidelines for
sovereign wealth funds.

Pursuant to our interest in matters relating to sovereign
wealth fund governance, the Central Bank of Kuwait sent a
delegation, including one member from the Kuwait Investment
Authority, to the IMF's First Roundtable for Sovereign Assets
and Reserve Managers held in Washington, D.C. on November
15-16, 2007. We found the discussions in the Roundtable to
be quite productive.

We are interested in participating in all international
endeavors aimed at developing guidelines for the management
of sovereign wealth funds and will look forward to such
opportunities in the future.

(complimentary closing)

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MISENHEIMER