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Tuesday, June 25, 2013
Angolan president Jose Eduardo dos Santos’ son has been appointed to oversee its $5 billion sovereign wealth fund giving rise to questions of Angola’s transparency efforts. Jose Filomeno dos Santos’ appointment to the board drew criticism from opposition parties and civil society activists. His promotion to lead the fund could be met with a similar response.
The sovereign wealth fund was established in October of last year aimed at investing in domestic and overseas assets by funneling oil wealth into infrastructure, hotels, and other projects to diversify its economy outside the energy industry.
The fund also said the government had approved its much-delayed investment policy, which was originally expected to be announced by the end of March.
“The approved policy, along with our commitment to accountability and transparency, will ensure that we make the best and most considered investments that support the country’s long-term economic future,” Jose Filomeno dos Santos said in a statement.
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