Angola Bids to Secure Future With $5B Wealth Fund
Luanda, Angola (CNN) — Angola, Africa’s second-largest oil producer, has launched a $5 billion sovereign wealth fund in an attempt to diversify its economy — a move more associated with wealthy Gulf States like Qatar and the UAE.
The state-owned investment fund, known as the Fundo Soberano de Angola, will invest domestically and internationally, focusing on infrastructure development and the hospitality industry. These are two areas the Government of Angola believes is “likely to exhibit strong growth”.
In an exclusive interview with CNN, Jose Filomeno de Sousa dos Santos, the son of Angola’s longtime president who is on the board of the fund, said “now is a very good time.”
He added: “The country has had around five years of steady growth, good growth, mostly based on oil production increases, and it plans to diversify the economy. The best way to do that is to do that is to intervene directly in the economy through investments.”
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