Angolan Sovereign Wealth Fund set up with initial funding of US$5 billion

18 October 2012

The Angolan Sovereign Wealth Fund, which was presented Wednesday in Luanda, has been set up with initial funding of US$5 billion to be channelled in to projects with potential for growth in sub-Saharan Africa, according to a statement issued Wednesday in Luanda.

According to the statement, the Fund will be managed by a board of directors with three members headed up by Armando Manuel, economic affairs advisor to the Angolan President.

“The Fund will invest in Angola and abroad to carry out its mandate of promoting economic and social development of Angola and generating wealth for the country’s future generations,” the statement said.

The board of directors will be responsible “exclusively to its only shareholder, the Angolan Government,” through “performance analysis,” including publication of its annual report and accounts in the Angolan press and nomination of internationally-recognised independent auditors.

A sovereign wealth fund is a state-owned fund that some countries set up to manage resources that are usually generated by selling mining resources and oil. (macauhub)