State General Reserve Fund

DEFINITION of 'State General Reserve Fund'

A sovereign wealth fund established in 1980 by the Sultanate of Oman, an Arab nation whose principal export is oil. It was created to manage the investments of Oman's reserves, with the objective of ensuring the country's economic stability and sustainable development. The Fund is administered by Oman's Ministry of Finance.

BREAKING DOWN 'State General Reserve Fund'

Oman's Ministry of National Economy considers the establishment of the State General Reserve Fund as the most prominent achievement of the nation's first five-year development plan, which covered the period from 1976 to 1980 and coincided with a boom in oil prices. The fund's assets are estimated at more than $8 billion. In January 2009, the fund acquired a 30% stake in Corpbank, Bulgaria's tenth-largest bank in terms of assets, for an undisclosed amount.