The transfer of US$1.35 billion in June completed the initial allocation of US$5 billion to the Angola Sovereign Fund (Fsdea), according to the audit report on the accounts for 2013.
The audit conducted by Deloitte & Touche, published Wednesday, noted that in 2013 the existing funds were applied in currencies and cash equivalent financial instruments.
With the initial capital now completely transferred, Fsdea is focused on development of its investment portfolio in line with the policy established by the government, aimed at preserving capital, maximising long-term returns and development of commercial infrastructure.
Thus, in addition to investments in traditional assets based in more developed markets, the portfolio will be increasingly applied in alternative investments in the sectors of infrastructure, agriculture, mining and real estate, in sub-Saharan African markets, said the statement published on the Ministry of Finance website.
Last August, the Angola Sovereign Fund announced it was sending students to the School of Management and Law at Zurich University of Applied Sciences as part of a scholarship programme called “Future Leaders in Angola.”
“This initiative will offer young Angolan graduates the opportunity to access a unique and intensive course focused on international business management, investment banking and finance,” according to the statement sent to Macauhub. (macauhub/AO)