Prime Minister Dr Keith Rowley says the National Investment Fund (NIF) has now paid out $897.6 million dividends to its faithful investors—many of whom are just “regular” citizens.
In a post on social media the PM said the investment portfolio on which NIF is based has grown solidly in that time, increasing in value from $7.9 billion to $10.02 billion. A 26.8 per cent increase, Rowley added.
“When the National Investment Fund was launched in 2018, the Opposition attempted to undermine it by labelling it a ponzi scheme,” Rowley said, adding that in the four years since its successful launch, the Opposition been proven wrong.
“Thank you GORTT! (Government of the Republic of T&T) And thank you, NIF! Performance beats ole talk every time!,” the post added.
In a posting on the T&T Stock Exchange yesterday NIF made the eighth distribution interest payment of $112.2 million to its over 7,500 bond holders on the three series of its $4.0 billion bond.
On February 9, 2023, NIF will make the ninth semi-annual coupon payment to bond holders.
“Notwithstanding the current global challenges including the continuation of COVID-19 with its many variants, increased energy costs and supply chain issues, our investee companies have been successfully putting increased energy and focus around their key priorities,” NIF said.
The NIF is a company created by its sole shareholder, Government to hold five assets.
These assets were received by the Government as proceeds from the shareholding of certain assets of Clico (under supervision of Central Bank) and CIB, as well as an appropriate shareholding of TGU owned by the Government.
Since 2009, the Government has sought to recover funds owed to it arising from the bail out of Clico and CIB which resulted in, Clico and CIB transferring certain assets held by them to the Government, some of which, in addition to the shareholding of TGU, were transferred to NIF.