Petroleum Africa
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Tuesday, April 14, 2015
The Angolan sovereign wealth fund, Fundo Soberano de Angola (FSDEA), has outlined the industries it plans to invest an allocated $1.4 billion in Angola and across Africa. Funds will be spent in such industries as agriculture, healthcare, mining and timber.
The FSDEA said vehicles focused on mining, timber and agriculture will each have $250 million to invest, while a healthcare fund will have $400 million. There is also a further $250 million being set up to enable entrepreneurs who do not have access to traditional debt funding access to funds.
Head of the FSDEA, Jose Filomeno dos Santos, said the investments aim to ease Angola’s fiscal dependence on oil export revenues at a time of weak energy markets. “Given the current difficult fiscal context, these investments are extremely opportune because they can support the economic development required to reduce state reliance on crude oil revenues,” he said.
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