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Angolan government prepares investment policy for Angola’s Sovereign Fund

The Angolan government is preparing to name a new chairman of the Board of Directors of the Angola Sovereign fund and draw up the fund’s investment policy, a Fund director said in Luanda.

In a statement cited by Angolan news agency Angop, Director José Filomeno dos Santos said that the government was also preparing the Fund’s investment strategy, and would continue working on preparing the institution’s professional management.

Dos Santos said that the Fund’s investment policy had been delayed by the late approval of the 2013 State Budget by parliament and the 2012 general elections.

According to Santos, regular and up to date information will be provided to the market about the activities of the Sovereign Fund.

The fund’s 500 billion kwanzas (US$5.183 billion), currently controlled by the Angola National Bank, will mainly be used for investments in infrastructure.

The Angolan Sovereign Fund (FSDEA) is an autonomous fund that is entirely owned by the Angolan State, and was set up based on international governance standards and will gradually diversify its investment portfolio in a number of sectors and types of asset. (macauhub)

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