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bank reserves of surplus countries to form a growth-oriented equity-focused Multilateral SWF (M-SWF). The M-SWF should be managed professionally and independently to make equity and equity ... well as delivering future productivity gains to the recipient countries. For example, the M-SWF could invest in building a high-speed railway in the U.S., a hotel in Rwanda ... capacity in Italy that would better take advantage of its existing brand values. Similarly, M-SWF funds could be invested in taking large equity stakes of major state-owned ports