Faroese Parliament set to approve takeover of Investment Fund

Today, the Faroese Parliament is set to approve the takeover of the Investment Fund. The Foreign Affairs Committee supports the government’s proposal in its report.

The takeover will take effect on January 1, 2025.

Since the mid-1970s, the people of the Faroe Islands have managed the Investment Fund through a board, with the government appointing the chairperson and establishing specific regulations on the fund’s operations.

There is no mention of how the funds will be utilized once the takeover occurs. Current legislation governing the fund will remain in effect until local authorities decide to amend or repeal it. This also means that the existing board will continue in its position.

The fund’s assets amount to 653 million Danish kroner.

Additionally, during the parliamentary session, which begins at 11:00 AM, there will be a main discussion regarding the Language Council.