Faroese Foreign Affairs Committee supports takeover of Infrastructure Fund set for January 2025

The Foreign Affairs Committee has only held one meeting regarding the Prime Minister’s proposal to take over the Infrastructure Fund.

The committee supports the proposal.

The takeover is set for January 1, 2025.

This is significant legislation, as the law governing the fund is Danish.

Faroese Administration

Since the mid-1970s, the Faroese have managed the Infrastructure Fund through a board, with the government appointing the chairperson and board members, as well as outlining specific rules for the fund’s operation.

No details have been provided on how the funds will be utilized once the takeover occurs.

Current legislation regarding the fund will remain in effect until Faroese authorities decide to amend or repeal it, which means the existing board will continue in its role.

The fund currently holds assets amounting to DKK 653 million.