Angola launches $5bn sovereign wealth fund
19 October 2012
Creamer Media's Engineering News - Angola launched a $5-billion sovereign wealth fund to invest in domestic and overseas assets, funnelling the African country's vast oil wealth into infrastructure, hotels and other high-growth projects.
The Angolan Sovereign Fund (FSA), which will also invest in financial securities, will be headed by President Jose Eduardo Dos Santos' economic affairs secretary, the fund's board said in a statement.
Jose Filomeno dos Santos, one of the President's sons, will also sit on the three-person board, an appointment likely to raise further questions about transparency in Angola's government. Dos Santos, who has led Africa's No.2 oil producer for 33 years, was sworn in for a new five-year term last month.