Fundo Soberano de Angola (Angola Sovereign Fund – Fsdea) will take over the concession of existing eucalyptus plantations in the provinces of Benguela, Huambo and Huila, according to a presidential order cited by Portuguese news agency Lusa.

The move is based on the “high economic potential of the eucalyptus plantations” located in those three provinces, which are still the responsibility of the Ministries of Agriculture, Transport and Industry.

The partnership agreement for conservation, management and sustainable exploration of that eucalyptus production area, now approved by the Angolan government, involves a company part owned by Fsdea, which will take on the management of the plantation.

The order explains the new concession based on “the need to preserve, manage and sustainable operate those plantations, both for reasons of economic rationality and environmental protection, as well as, from an industrialisation point of view, enabling the emergence of various activities, including power generation.”

An audit by Deloitte showed that on 31 December 2014, 37 percent of the fund’s investment portfolio was applied in Europe, investments in Africa had a weight of 34 percent, North America 18 percent, and the remaining 11 percent was applied elsewhere.

The Angola Sovereign Fund was created by the government in 2012 with an initial allocation of US$5 billion, which has already been fully transferred by the state, namely through revenues from oil exports. (macauhub/AO)