Angolas sovereign wealth fund Fundo Soberano de Angola (FSDEA) has allocated US$1.4bn to five new investment funds focused on the growth of various sectors of the Central African nations economy
The new investments will be allocated to mining, timber and agriculture, with US$250mn for each sector. An amount of US$400mn will be spent on healthcare, while a fifth mezzanine US$250mn investment fund is being set up to provide financing to entrepreneurs, who do not have access to traditional debt funding.
FSDEA chief 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.
The new vehicles follow the launch of two similar structures late last year, set up to support infrastructure and hotel projects across sub-Saharan Africa with US$1.6bn of the FSDEA's money.
So far, FSDEA has committed around 60 per cent of the US$5bn it was endowed with by the Angolan government.
