$5 billion sovereign wealth fund set up in Angola
Oil revenues represent over 95 percent of Angola’s export income and around 45 percent of gross domestic product. After years of double-digit growth, Angola’s economy suffered a slow down after oil prices tumbled in 2008.
Gross domestic product (GDP), which the World Bank estimated at US$101 billion last year, is set to grow between 8 and 10 percent this year thanks to higher oil prices and output.
The fund will grow from further oil revenues transferred by the government and from returns on its investment projects, he added, although he declined to estimate the fund’s growth.
The FSA board said it will be assisted by a council composed of senior ministers and the central bank governor, and will publish accounts annually and have them audited by an international audit firm.
It was not immediately clear when the investment policy would be announced, or if it would be enough to assuage concerns about governance.
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