Angola’s $5 billion sovereign wealth fund is seeking to diversify its asset base, and is looking to commit to investments in timber and agriculture as well as to investments in the health and mining sectors.
The fund, which is managed by Quantum Global Investment Management in Zug, Switzerland, has allocated $1.1 billion toward port and other infrastructure projects in the country, and plans to allocate $250 million toward agriculture investments.
Revenue from oil accounts for 70% of Angola’s income, and the plunge in crude oil prices in the second half of 2014 have lessened the country’s ability to approve allocations to the fund. The country’s parliament recently approved a revised budget which cut spending to US$50 billion for this year.
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