Angola Starts Sovereign Wealth Fund With $5 Billion Assets
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Angola, Africa’s second-biggest oil producer, is starting a sovereign wealth fund with $5 billion in assets to ease the impact of commodity price volatility that prompted an International Monetary Fund loan three years ago.
The Fundo Soberano de Angola, or FSDEA, is to be managed by a three-member board led by Armando Manuel, an adviser on economic issues to President Jose Eduardo dos Santos, he told reporters today in Luanda, the capital. Investments will include financial securities and stakes in infrastructure and hospitality projects and other industries that may exhibit strong growth in sub-Saharan Africa, he said.