Angolan Sovereign Fund invests in agricultural production

21 September 2016

The Angolan Sovereign Fund (Fsdea) will invest US$250 million in seven large farms in the provinces of Bié, Cunene, Malanje, Moxico, Kuando Kubango, Uíge and Zaire, according to a statement issued on Tuesday in Luanda.

The statement, in which Fsdea discloses the results of the investment portfolio in the first quarter of 2016, said that the seven farms have a combined area of ​​72,000 hectares which was awarded directly by the Ministry of Agriculture.

The investments to be made, the statement said, will create agricultural perimeters dedicated to the production of grains, oilseeds and rice for domestic consumption and export, at a time when the government is promoting diversification of revenue, which is still concentrated on oil production.

“Because agriculture employs more than half of the Angolan population, financing this sector can increase producers’ incomes and support the emergence of new opportunities for the private sector in the food chain,” said the president of the fund, José Filomeno dos Santos.

The portfolio of assets of the Angolan Sovereign Fund, totalling US$4.56 billion in investment, especially in Africa and Europe, also includes securities such as bonds, shares and funds valued at US$1.84 billion.

The Angolan Sovereign Fund was created with a budget of US$5 billion, with Angola’s oil revenues, but since 2014 it has not received additional transfers. (macauhub/AO)