Tags: AME | ANGOLA | BBCHTO | BGOVBILLGO | BGOVCODES | BIZNEWS | BNALL

Angola Sovereign Fund Invests $1.6 Billion in Energy, Transport

Wednesday, 10 Dec 2014 11:13 AM

The sovereign wealth fund of Angola, Africa's second-largest crude oil producer, is investing in infrastructure projects and hotels for high yields shielded from volatility, Chairman Jose Filomeno dos Santos said.

The $4.95 billion fund, managed by Zug, Switzerland-based Quantum Global Investment Management Ltd., is placing $1.1 billion with a fund that invests in equities tied to energy, transport and industrial developments across sub-Saharan Africa, dos Santos, son of Angola President Jose Eduardo dos Santos, said in an e-mailed statement today. The fund is investing $500 million in a separate hotel fund for Africa to train staff, he said.

"The infrastructure and hotel sectors hold substantial potential for job and wealth creation and stimulate local supply chains that positively impact the overall growth of the region's economies," the chairman said.

Angola, sub-Saharan Africa's third-largest economy, is using the fund to recover from a 27-year civil war that ended in 2002 and help diversify away from oil that makes up about half of gross domestic product and almost all its exports. The fund's goals include a mixture of long-term infrastructure rebuilding, short-term growth and reserves for economic uncertainty.

The fund added a research unit of eight investment analysts during the quarter that ended Sept. 30. They work with government members and academics to report on regional macroeconomics and sector-specific analysis, dos Santos said.

The hotel fund may take on as much as 50 percent in debt to increase its investment capability, he said. The investments meet the fund's policy to choose sectors shielded from global market volatility while providing sustainable high-yield returns, he said.

"Commercial infrastructure projects in sub-Saharan Africa currently show unparalleled potential and resilience against the perceived risks associated to our continent,"dos Santos said.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Africa
The sovereign wealth fund of Angola, Africa's second-largest crude oil producer, is investing in infrastructure projects and hotels for high yields shielded from volatility, Chairman Jose Filomeno dos Santos said.
AME, ANGOLA, BBCHTO, BGOVBILLGO, BGOVCODES, BIZNEWS, BNALL, BNCOPY, BNNAIROBI, BONDWIRES, BUSINESS, CMD, CMDKEY, COS, CPNYCNT1, CRE, CREFIN, CRUDE, CST, EM, EMAFRTEAM, EUBNX, EUROPE, FINNEWS, FND, G10MEMB, HLNOVEL, HLNOVELTY9, INDUSTRIES, INFRA, JSX, MAJOR, MARKETS, MISC, MKTMISC, MSCIDVEUR, MSCIWORLD, NOVEL, NOVELTY9, NRG, NRGKEY, OIL, ONWEB, ORIGINAL, REL, SPREGIONS, SRCRANK1, STFILT241, STFILT268, STFILT689, SUPPLY, SWF, SWISS, TRN, VOL, WORLD
284
2014-13-10
Wednesday, 10 Dec 2014 11:13 AM
Newsmax Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved