Fundo Soberano de Angola

On November 20, 2008, Angola’s President, José Eduardo dos Santos, announced to establish a special commission to build the foundations for a new sovereign wealth fund "to promote growth, prosperity and social and economic development across Angola". In 2011, the fund was ratified and established as "Fundo Soberano de Angola". It replaced the former Fundo Petrolífero de Angola (Oil for Infrastructure Fund).{{cite news |last= O’Neill |first=Dominic |date=November 2012 |title= Angola fund launch leaves questions unanswered |url=http://www.euromoney.com/Article/3112458/Angola-fund-launch-leaves-questions-unanswered.html |newspaper=Euromoney |access-date=22 November 2013}} At inception it was the second largest investment fund in Sub-Saharan Africa after Botswana's Pula Fund, having had an initial capital of US$5 billion.{{cite news |last=POLGREEN |first=LYDIA |date=17 October 2012 |title=Angola Fund Set to Invest Oil Revenue in Businesses |url=https://www.nytimes.com/2012/10/18/world/africa/angola-creates-fund-to-spread-oil-wealth.html?_r=0 |newspaper=New York Times |access-date=22 November 2013 }} It is also envisaged that it will receive supplementary funding each year equivalent to the sales value of 100,000 barrels of oil per day (5.6% of the total daily petroleum output).{{cite web |url=http://37.188.124.26/wp-content/themes/fsdea_theme/article/angola-fund-sees-bright-future.pdf |title=Priority for infrastructure: Angola fund sees bright future |last1=dos Santos |first1=José Filomeno |date=November 2012 |publisher=OMFIF |access-date=23 November 2013 |url-status=dead |archive-url=https://web.archive.org/web/20131202223733/http://37.188.124.26/wp-content/themes/fsdea_theme/article/angola-fund-sees-bright-future.pdf |archive-date=2 December 2013 }} The value of this volume may be about US$3.5 billion every year.{{cite news |last= Mcgroarty |first=PATRICK |date=26 February 2013 |title=Angola Wealth Fund Is Family Affair |url=https://www.wsj.com/news/articles/SB10001424127887323864304578318683374319560 |newspaper=The Wall Street Journal |access-date=22 November 2013 }}

On January 12, 2018, João Lourenço, the current president of the Republic, elects the new administration of the Sovereign Fund of Angola, asking them to recover the "important role" of the institution in the country's economy, in order to guarantee "a more efficient and transparent use of the state's strategic resources ".{{cite web |author=ANGOP |date=2018-01-12 |title=takeover of the sovereign fund management team |url=https://www.angop.ao/angola/pt_pt/portal/multimedia/tv-angop/2018/0/2/Tomada-posse-Conselho-administracao-Fundo-Soberano-administradores-nao-executivos,af4f14a4-5f9a-4f20-b04f-354a0e3b0abf.html |access-date=2018-03-26 |publisher=angop.ao}} In December 2024, the fund has US$ 3.9 billion in assets under management.{{Cite web|title=Fundo Soberano de Angola (FSDEA) - Sovereign Wealth Fund, Angola - SWFI|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b1a8|access-date=2021-12-30|website=www.swfinstitute.org}}

The fund has pledged its adherence to the Santiago Principles and will aim to be rated on the Linaburg-Maduell Transparency Index in 2014. It will also be subject to an annual performance assessment by the Angolan Parliament. In November 2013, Deloitte was appointed as the independent external auditor.{{cite news |last=McClelland |first=Colin |date=11 November 2013 |title=Angola Names Deloitte to Audit $5 Billion Sovereign Wealth Fund |url=https://www.bloomberg.com/news/2013-11-11/angola-names-deloitte-to-audit-5-billion-sovereign-wealth-fund.html |access-date= 23 November 2013 |work=Bloomberg}}

Based on an investment policy that was approved in June 2013, the FSDEA aims to generate wealth for future generations and support Angola’s social and economic development.{{cite news |date=4 July 2013 |title=Angola's New Sovereign Wealth Fund |url=http://www.cpifinancial.net/flipbooks/BA/2013/Jul/#1 |access-date= 4 July 2013}} The FSDEA was also recognized as a transparent SWF sovereign wealth fund by the SWFI (Sovereign Wealth Fund Institute) in February 2015 with a ranking of 8 out of 10, which is a significant milestone for the fund. Fundo Soberano de Angola is committed to operate transparently, responsibly and in full compliance with the laws and regulations of Angola and the countries where it will make future investments. The fund was chaired by Armando Manuel until 2013, when José Filomeno dos Santos, the son of the then president of Angola, was appointed chairman.{{Cite web |date=2013-06-21 |title=Angola names president's son to chair $5 bln sovereign wealth fund |url=https://www.reuters.com/article/angola-fund-idUSL5N0EX29020130621/ |access-date=2025-04-17 |website=Reuters}}{{Cite web |date=2014-05-01 |title=Angola makes its business case |url=https://www.thebanker.com/content/0c4ac800-7c2b-55f3-bf48-6e7c2af0cb51 |access-date=2025-04-17 |website=www.thebanker.com |language=en}} He was succeeded in 2018 by Carlos Alberto Lopes, who chaired the Fund until Armando Manuel's reappointment in December 2023.{{Cite news |date=2018-01-10 |title=José Filomeno dos Santos sacked from Angola's $5bn wealth fund |url=https://www.bbc.co.uk/news/world-africa-42638761 |access-date=2025-04-17 |work=BBC News |language=en-GB}}{{Cite web |date=2023-12-14 |title=Head of State invests in the new Board of Directors of the Sovereign Fund |url=https://fundosoberano.ao/en/news-and-events/news/625/head-of-state-invests-in-the-new-board-of-directors-of-the-sovereign-fund |access-date=2025-04-17 |website=Fundo Soberano de Angola}}

The Board of Directors is composed of the seven members listed below:{{Cite web |title=Board of Directors |url=https://fundosoberano.ao/en/governance/organizational-structure |access-date=2025-01-31 |website=Fundo Soberano de Angola}}

• Armando Manuel – Chairman
• Alcides Horácio Frederico Safeca – Executive Director
• Igor Ricardo de Pina Lima – Executive Director
• Gabriel Augusto da Silva – Executive Director
• Pedro Sebastião Teta – Executive Director
• Ismael Abraão Gaspar Martins – Non-Executive Director
• Rui Jorge Van-Dúnem Alves de Ceita – Administrador Executivo

• Helder da Costa Cristelo
• Andreia Vanessa de Sousa Simões – Voting Member of the Board
• Manuel da Rocha – Voting Member of the Board

The FSDEA’s advisory council includes the Minister of Finance, the Minister of Economy, the Minister of Planning and Territorial Development and the Governor of the National Bank of Angola.

The council gives opinions on the FSDEA regarding issues such as corporate governance, portfolio development, investment strategy, overseas and local investment and regulatory policy issues, global economics and other key factors that impact the Fund’s business.

Half of the funds will be invested in alternative investments mainly in agriculture, mining, infrastructure and real estate – with particular focus on hospitality – in Angola and the continent. The remainder of the portfolio will be allocated to high quality cash and fixed income instruments, issued by sovereign agencies, global and emerging equities as well as further alternative investments around the globe. A maximum of 7.5% of the portfolio may be used for social development projects in areas such as education, income generation access to clean water, health care and energy. A first project was Kamba Dyami that is part of One Laptop per Child.{{Cite web|url=http://jornaldeangola.sapo.ao/politica/aprovada_politica_dos_investimentos|title=Aprovada política dos investimentos {{!}} Política {{!}} Jornal de Angola - Online|last=recipes|first=ink, cookbook|website=jornaldeangola.sapo.ao|access-date=2019-12-23|archivedate=2019-12-23|archiveurl=https://web.archive.org/web/20191223223703/http://jornaldeangola.sapo.ao/politica/aprovada_politica_dos_investimentos|url-status=deviated}}

On 30 March 2016 the FSDEA announced to be financing 10 projects in health, education, water supply and entrepreneurship in the provinces of Cabinda, Bengo, Huambo, Bié, Cunene, Benguela and Kwanza Norte valued at US$12 million. Also, the “Kijinga” programme has been launched, aimed at the reconstruction of the old “Super” soap factory.{{cite news |title=Sovereign Fund of Angola supports social projects in seven provinces |url=http://www.angolahub.com/index.php/en/angola-news/3540-sovereign-fund-of-angola-supports-social-projects-in-seven-provinces |newspaper=AngolaHub |access-date=30 March 2015 }}

FSDEA launched a Hotel fund for Africa with US$500 million in 2014.{{Cite web|url=https://www.forbes.com/sites/mfonobongnsehe/2014/12/10/angolas-sovereign-wealth-fund-bets-500-million-on-hotels-in-africa/|title=Angola's Sovereign Wealth Fund Bets $500 Million On Hotels In Africa|last=Nsehe|first=Mfonobong|website=Forbes|language=en|access-date=2019-12-26}}

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Category:Sovereign wealth funds

Category:Government of Angola

Category:2012 establishments in Angola