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Nurturing our future. Angola. From past experiences , and making the dream of SWF come true . Armando Manuel, MSc Economic Affairs Advisor to the President of Angola; Chairman of Angola Sovereign Wealth Fund - FSDEA Disclaimer - PowerPoint PPT Presentation
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Angola
Nurturing our future.
Armando Manuel, MScEconomic Affairs Advisor to the President of
Angola;Chairman of Angola Sovereign Wealth Fund - FSDEA
DisclaimerThis presentation does not fully reflect the views of Civil
House of the President of Angola nor the FSDEA. I am alone responsible.
Prior to 2003, mainly dependent from external borrowing to cover current expenditure;
2003 External Debt 64% GDP, tem years later 19,5%;
2004 Significant shift in Public investments Mainly roads, bridges railways Apart from the littoral towns, schools, hospital
and public buildings all destroyed; Considerable number of refugees
Lack of human capital; Inflationary pressures; Issues on absorption capacity
Still Challenges of today and tomorrow; Short term Credit, (commerce; issues on Real
State); Core inflation; Oil, electricity and H20 Subsidies
Good News 2010 – Law enforcement (new constitution,
public probity, new public tender law) phasing up of quasi-fiscal; Decision to start a considerable investments in
power plants, water, ports, housing…; Setup of a number of instruments to foster
private investments (SME’s) Oil Fund created as budgetary account;
Allocation of 100 barrel day; Specific mandate of economy diversification
Domestic and regional investments;▪ Gas power plants, (2) Fertilizers plant, (3)Ports, (4) Air-
ports, (5) mining –iron, copper…Hotelling etc… Financial investments abroad (capacity of
absorption) A budgetary incorporated approach; A fine –tunning Macroeconomic
coordination
The Official Launch PresentationOctober 17, 2012
• 50 thousand oil barrels per day;• Fiscal Stabilization function at last stance• Clear split between Sovereign Wealth Fund
and Excess oil price Fund;• Clear split between social economic
impact projects form financial viable projects;
Commitment to Transparency & Accountability
Committed to operating in a transparent and responsible manner adhering to the industry best practices as stated in the Santiago Principles; Assets of $5bn and projected to grow consistently year on year from sales of oil and through performance of its investments;
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The FSDEA Mandate
The Fundo Soberano de Angola (FSDEA) is an investment institution dedicated to the economic and social development of Angola by generating wealth for the country’s future generations
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Galvanizing Economic Development
•The infrastructure and hospitality sectors are two of the first sectors targeted for investment, as they represent significant wealth creation opportunities across Sub Saharan Africa and also offer the potential for a higher growth multiplier for the Angolan economy.
•Future infrastructure investments focus areas with immediate development needs –the natural resources and materials supply chain, agriculture and key utilities including water, electricity, petroleum and gas.
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Governance & Fiscal Policies tights
• Direct dependency from the President;• Advisory Board formed by the Minister of Finance,
Economy, Planning and the Governor of Central Bank; • Fiscal Board;• External auditor;• Belongs the group of Indirect Public administration,
subject to report and accountability under Budget Law– Requirement to present quarter reports to the
Ministry of Finance– Requirement and part of overall public account
presented to the parliament.
• Currently – In process of appointing Investment managers,
custodians and consultants;– Setting up of all technical framework to
communicate with Managers;– Fine-tuning of investment and risk policies
• Expectations:– In short run- to pursue a very conservative
approach based in fixed income, less risky assets and moderated returns;
–
THE FUNDO SOBERANO DE ANGOLA
Hilton Pattaya – Received Awards for Design Excellence
Transparent & Accountable
Investment Growth Potential
Social & Economic Development
Thank you!
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