Arab Today, arab today angola launches 5 billion sovereign wealth fund
Last Updated : GMT 11:13:44
Arab Today, arab today
Arab Today, arab today

Angola launches $5 billion sovereign wealth fund

Arab Today, arab today

Arab Today, arab today Angola launches $5 billion sovereign wealth fund

Lunda - Agencies

The Republic of Angola on Wednesday officially launched the Fundo Soberano de Angola (FSDEA), a new sovereign wealth fund with $5 billion of assets under management. The FSDEA will make investments in Angola and internationally in support of its mandate to promote the economic and social development of Angola and generate wealth for the country’s future generations. In 2008, the President of the Republic of Angola, Jose Eduardo dos Santos, formally announced plans for the creation of a sovereign wealth fund. The respective law for its creation was passed by the Angolan Parliament in 2011. The FSDEA has been founded in accordance with established international governance benchmarks and best practices. The activities of the FSDEA will be guided by the core principles of accountability and transparency. The fund will be accountable to its sole shareholder, the government of Angola, through a legally mandated performance review regime, which will include annual public reporting of the audited accounts through the local press and the appointment of internationally recognised independent auditors. In addition, the establishment of a dedicated FSDEA Social Charter demonstrates the Fund’s accountability to the people of Angola. The Social Charter addresses a number of key social challenges faced by Angolans such as access to clean water, availability of healthcare services, and the shortage of the specific skills required to participate in the dynamic economic environment created by the country’s strong GDP growth. Talking about the launch of the Fund, Armando Manuel, Chairman of the Board of Directors, Fundo Soberano de Angola, said: “Securing both a financial return and a high social return will be of equal importance to the FSDEA. Through the establishment of the FSDEA Social Charter, we will support existing government social programs, partner with leading international development agencies and create independent FSDEA programmes, which will reach out directly to communities across Angola.” “The Social Charter will ensure the FSDEA plays an integral role in nurturing the country’s future potential by providing the tools for Angolans to participate in the country’s economic growth in a manner that allows them to reach their individual aspirational goals,” he added. Demonstrating its commitment to transparency, the FSDEA is governed by a three-member Board of Directors and an independent Advisory Council, which includes the Minister of Finance, the Minister of Economy, the Minister of Planning and the Governor of the National Bank of Angola. The Fiscal Council will assess the Fund’s performance relative to government approved investment policies and benchmarks. Projected to grow from sales of oil and through the performance of its investments, the FSDEA’s strategy is to create attractive long term risk-adjusted returns by investing in a wide range of asset classes - both in Angola and internationally. This diversified approach will comprise investments in financial securities as well as infrastructure investments and investments in specific industries which are likely to exhibit strong growth in Sub-Saharan Africa. Jose Filomeno de Sousa dos Santos, Member of the Board of Directors, Fundo Soberano de Angola said: “The launch of the FSDEA is a historic moment for Angola, as the government continues to transform and grow the country’s economy.” From gulftoda

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