Global Horizon Fund

COUNTRIES

Southeast Europe
Croatia
Romania
Bulgaria
Slovakia
Russia
Middle East / North Africa
Jordan
Egypt
Morocco
Turkey
South / Southeast Asia
India
Malaysia
Thailand
Vietnam
Latin America
Argentina
Brazil
Colombia
Mexico
Peru
Southern Africa
South Africa

COUNTRY SELECTION CRITERIA

| Macro Economic
Market size - Sizeable domestic markets or belong to free-trade areas
Country risk - Overall bond/country risk ratings B2 or higher
Long-term Stability - Score 500+ in Wealth of Nations Social Environment (broad measure of human capital and infrastructure)
| Micro Economic
Competitiveness - Score 3.75+ on Global Competitiveness and ICT indexes (Global Competitiveness Report, World Economic Forum)
Capital Access - Score 4 (of 7) on Michael Milken Capital Access Index (mean for mid-income countries is 4.06)
Legal Reforms - time and cost of starting a business less than .5 per capita GDP
| Investor Protections
Investor treaties - Signatory to bilateral investment treaty (BIT) with the U.S. and/or other OECD countries
Investor status - Offer domestic treatment or favored nation status to foreign investors
Investment law - Implemented a steady succession of foreign investment laws and codes
country selection