Angola's sovereign fund exceeds 5 bln USD in assets

Source: Xinhua| 2017-10-13 17:06:48|Editor: Song Lifang
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LUANDA, Oct. 13 (Xinhua) -- The Sovereign Fund of Angola (FSDEA) announced Thursday that its total current assets reached 5 billion U.S. dollars in June, an increase of more than 59 million dollars compared to 2016.

The FSDEA, created in 2012 by the Angolan government, reached its planned allocation of 5 billion dollars, with part of the Angolan oil revenues, in four years.

The fund's president of the board of directors, Jose Filomeno dos Santos, said the results for the second quarter of 2017 "confirm a good balance between growth and profitability" in the investments made by FSDEA.

According to the data released Thursday, 48 percent of the FSDEA investment, totally owned by the Angolan state, was dedicated to assets in sub-Saharan Africa, 28 percent in North America, 18 percent in Europe and 6percent in the rest of the world.

The net investment obtained in the referred period a gross result of 67.27 million dollars.

"It is essential to invest wisely and support the development of the national non-oil sector, to counterbalance the challenging macroeconomic environment, both nationally and internationally," said the president.

The FSDEA has investments in infrastructure, hotel, forestry, agriculture, health and mining across the African continent.

It is also investing in the construction of the deepwater port of the Angolan northern province of Cabinda.