Angola Sovereign Fund announces investments in development projects

29 September 2015

The Angola Sovereign Fund will invest more than 203 billion kwanzas (US$1.6 billion) in the construction of infrastructure and housing across the country, said Monday in Luanda the chairman of the Fund.

José Filomeno dos Santos also said that of that amount 139.6 billion kwanzas (US$1.1 billion) will be spent on building infrastructure and the remaining 63.4 billion kwanzas (US$500 million) on real estate.

“These values ​​are applied in several projects that over the next three to five years, will be marketed so that we can present the results of the investment,” he said, cited by Angolan weekly newspaper Expansão.

The President of the Fund spoke after being sworn in for another three-year term at the helm of the institution, a ceremony that was attended by the Finance Minister, Armando Manuel, governor of the National Bank of Angola, José Pedro de Morais and Minister of Planning and Territorial Development, Job Graça.

Santos said that in addition to infrastructure and real estate, another five sectors had been selected, including agriculture, mining and health that will benefit from investments and future projects.

“Angola continues to face major challenges, the Fund is prepared to apply public savings for the benefit of the country and we will do everything possible so that these applications get the best results for all Angolans,” stressed the Chairman of the Angola Sovereign Fund.

The finance minister, Armando Manuel, who swore in the members of the board of directors of the Fund, said he was sure that managers would ensure the an “efficient and responsible” application of public savings. (macauhub/AO)