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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, People

Angola names president’s son to chair $5 bln sovereign wealth fund

Posted on 24 June 2013

Angola on Friday appointed one of President Jose Eduardo dos Santos’ sons to chair its $5 billion sovereign wealth fund, a move likely to raise further questions about transparency and nepotism in Africa’s second-biggest oil producer.
Angola launched the fund in October to invest in domestic and overseas assets by funnelling oil wealth into infrastructure, hotels and other projects to diversify its economy outside the energy industry. Analysts welcomed the move at the time, saying it could help Angola protect itself from oil price shocks by cutting the state’s dependence on crude revenues, which represent around 45 percent of output………………………………………..Full Article: Source


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