Dos Santos jnr to run Angola wealth fund

2013-06-21 22:31
Jose Eduardo dos Santos (AFP)

Jose Eduardo dos Santos (AFP)

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Luanda - Angola announced on Friday that the son of President Jose Eduardo dos Santos will chair the country's $5bn sovereign wealth fund, as it rolled out the fund's investment strategy.

The Fundo Soberano de Angola announced Jose Filomeno dos Santos would be chair of the board, as it touted a "commitment to accountability and transparency".

Tipped as a potential successor to his father, Jose Filomeno previously worked in banking.

Jose Eduardo dos Santos has ruled Angola, Africa's second largest oil producer, since independence from Portugal in 1975.

Critics say he has kept the country's vast wealth closely under control and limited to family and allies.

The fund is expected to invest some of that energy windfall into projects that will give broader returns for the country.

According to details released on Friday the fund will invest 50% of its capital in sovereign and investment grade company bonds, as well as stocks issued within the G7.

The remainder of the cash would be dedicated to investments in emerging and frontier markets, commodities, infrastructure, property, the agricultural and mining sectors and other assets in BRICS nations.

Around 7.5% of the funds would be used to invest in social development and socially responsible projects linked to education, clean water, healthcare and energy.

The first project will be a "Hotel Fund for Africa" aimed at tapping into the substantial need for more quality hotels on the continent.

The plan was described as "a significant step towards securing Angola's wealth and future prosperity".

Read more on:    jose eduardo dos santos  |  angola  |  southern africa

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