Africa Oil & Gas: Sovereign Fund of Angola makes profit of US$44 million in 2016

The Sovereign Fund of Angola achieved a positive result of US$44 million in 2016, the first in its history, reversing the trend of consecutive losses recorded in the reports and accounts of the previous years, according to a statement released in Luanda.

Since it was established in 2012 with a financial endowment of US$5 billion, this is the first positive result for the fund, which in that same year reported negative results of US$17.4 million, with the figure rising to US$23.6 million in 2013.

In 2014 losses increased to US$154.2 million, recording a slight decline the following year to US$134.8 million.

The statement underlines that the positive result achieved is the result of a “prudent investment policy and a positive return on investments in agriculture and infrastructure.”

Total FSDEA assets increased from US$4.75 billion in 2015 to US$4.99 billion in 2016, an increase of 5.0%, with 58% in sub-Saharan Africa, 10% in North America, 12% in Europe and 20% in the rest of the world.

The chairman of the Board of Directors, José Filomeno dos Santos, quoted in the statement, highlighted that the Sovereign Fund of Angola has achieved financial profitability in less than three years of activity, “despite the difficult investment climate seen internationally since 2013.”(source: macauhub)