Chairman wanted for wealth fund

Africa
President Jose Eduardo dos Santos plans to appoint a new chairman for the $5 billion sovereign wealth fund. Picture: Reuters

Luanda - Angola's government plans to appoint a new chairman for its $5 billion sovereign wealth fund after Armando Manuel stepped down.

Manuel was recently appointed as finance minister after the recent cabinet reshuffle.

President Jose Eduardo dos Santos on Monday replaced his finance and construction ministers in the first cabinet re-shuffle since elections last August.

Manuel, who besides chairing the Angolan Sovereign Fund (FSDEA) was also Dos Santos' secretary for economic affairs, was promoted to replace Carlos Alberto Lopes as finance minister.

The FSDEA was launched by the government in October, with an initial endowment of $5 billion to invest in projects to help diversify the oil-dependent economy.

The fund has not yet published its investment policy, frustrating investors who had hoped for clearer signals on potential spending.

 

 

 

 

 

-Reuters

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