15.02.12

Allocation to the daughter funds and to Aurora Fund’s educational project inSierra Leone

The Aurora Fund’s fifth allocation took place on 15 February when ISK 85 million were allocated to Aurora’s Design Fund, Kraumur Music Fund and UNICEF.

The board of Aurora Fund decided, according to the policy of the fund, to adjust this allocation better to a difficult situation on the financial markets.  Great fluctuations on the markets have resulted in the rate of return being lower than in the first years of the fund. According to the objectives of Aurora Fund the allocations may not exceed the return of the fund.  It may therefore be expected to affect the allocations of the fund in the next few years.  However, despite a collapse in the economic market in 2008 as well as a difficult situation following the collapse, the fund is strong as before.

This fifth allocation of the fund was ISK 40 million to an educational project in Sierra Leone in cooperation with the education authorities in the country as well as UNICEF in Iceland and in Sierra Leone.  This is the fifth and the last allocation to this largest and most important project of the Fund from the beginning; to build a child friendly educational system and school facilities, focusing especially on the needs of girls. All in all, the fund has allocated about ISK 240 million to the project, including the ISK 36 million that the founders of the fund donated earlier.

Aurora Design Fund will receive ISK 25 million which is the first payment of ISL 75 million that the board of Aurora decided to allocate to the Design Fund to ensure its continuation for the next three years.   The Design Fund will continue to respect the policy to support exceptional designers who have a solid business plan and a clear future vision.

Kraumur Music Fund received ISK 20 million to give boost to the Icelandic music scene, mainly by supporting young musicians and assist them in promoting their art.</br>