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Sovereign Wealth Funds Briefing - Categorized | People

Angola: SWF chairman promoted to finance minister

Posted on 07 May 2013

President Jose Eduardo dos Santos replaced his finance and construction ministers on Monday in the first cabinet re-shuffle since he led his MPLA party to victory in Angolan elections last August. Armando Manuel, who had served as secretary for economic affairs, replaces Carlos Alberto Lopes as finance minister of Africa’s No. 2 oil producer, the presidency said a statement without giving reasons for the re-shuffle.
Manuel is the chairman of the board of Angola’s sovereign wealth fund, which was launched in October with an initial endowment of $5 billion to invest in projects to diversify the oil-dependent economy. It is not known whether he will remain on the three-person board, which also includes one of Dos Santos’s sons………………………………………..Full Article: Source


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