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Thursday, December 11, 2014
Angola’s sovereign wealth fund, which is predominately fed by oil revenues, will be about $1.6 billion less as the government plans to set the amount aside to back infrastructure and hotel projects across sub-Saharan Africa.
In an investment update the Fundo Soberano de Angola (FSDEA) said the fund’s net value now stands at $4.95 billion, net of running costs taken out of the original $5 billion endowed by the government. The FSDEA said $1.1 billion will go to a dedicated infrastructure fund and the remaining $500 million in an investment fund for the hospitality sector in Africa. The hospitality fund is aimed at addressing a “significant undersupply” of top-end hotels in the continent. According to the FSDEA statement the fund will be able to incur debt up to 50%, which could double its total investment capability.
“Commercial infrastructure projects in sub-Saharan Africa currently show unparalleled potential and resilience against the perceived risks associated to our continent. At the FSDEA, we believe that providing the necessary funding for the development of these assets shall enable the overriding goal of diversifying the Fund’s investment portfolio sustainably,” commented José Filomeno dos Santos, Chairman of the Board of Directors of FSDEA.
In Q3 the FSDEA also created a dedicated research unit that is expected to set the foundations for development of an investment intelligence hub specialized on the Angolan economy. The establishment of this unit is aimed at improving quantity and quality of research data available on Angola and certain sectors of the continent, thereby addressing the challenges faced by academics, policymakers, and analysts in interpreting the specificities of the African business landscape. By studying the real foundations of the Angolan economy, the FSDEA aims to secure insights to support its domestic investments, assess income and employment generation patterns and understand the true dynamic of an African economy from a local perspective.
Commenting on the task of this specialized unit, dos Santos, noted, “There is a scarcity of quality data on Africa in the public domain. So, by securing reliable statistics and analysis of Angola’s current investment context, our analysts can deliver valuable insights that enable informed investment decisions. We firmly believe that providing access to more reliable data can be a catalyst for driving sustainable social progress.”
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