Angola sets up $5bn sovereign wealth fund
Angola, Africa’s second oil producer after Nigeria, has launched a $5bn sovereign wealth fund which will invest in its earnings: the Angola Sovereign Fund.
The fund will be known with the Portuguese acronym FSDEA and is projected to grow from sales of oil and through the performance of its investments, and it invest in domestic financial securities.
The FSDEA’s strategy will be to create attractive long term risk-adjusted returns by investing in a wide range of asset classes – both in Angola and internationally, the Board said.
Angola produces about 1.6m barrels of oil per day.