Angola Sovereign Fund
From Taighde
| Angola Sovereign Fund | |
|---|---|
| Country: | Angola
|
| Based in: | Luanda, Angola
|
| Inception: | 2009
|
| Origin: | Oil
|
| Assets: | 0
|
| Reports | Sovereign Wealth Funds Contact and Information Report |
Fundo Soberano Angolano (FSA) is the planned Sovereign Wealth Fund for Angola. A commission to create the fund was announced on November 20, 2008 by President Jose Eduardo dos Santos. As of April 2011, the fund is still waiting to be approved by the cabinet.
The FSA will be funded by oil revenues from Angola's oil sector. All revenues over $58 a barrel of oil will be place into the fund. [1] Angola expects to receive $16.6 billion in revenues in 2010 up from $15.7 billion in 2009.
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The Government Pension Fund of Norway (GPF) has advised the fund on the best way to manage oil revenues. It is expected that the fund will replicate the investment strategy of the GPF by purchasing small stakes of common stock in international companies. The IMF has praised the creation of a Sovereign Wealth Fund.[2]
Angola has a state-owned oil firm Sonangol, which it has used to buy stakes in companies. However, the primary goal of Sonangol is to develop Angola's oil sector, rather then long term investments. It is not clear if Sonangol will transfer its stakes to FSA.
