Pushing ahead with an economic diversification agenda in an environment of falling oil receipts has not been easy for the government of Angola. With a desperate need for funding and investment, the country’s non-oil private sector has been hit particularly hard. The Indicador de Clima Económico (ICE), a business confidence indicator published by the country’s National Statistical Institute, collapsed towards the end of 2015, falling by 20 points in the final quarter.
Yet Angola’s sovereign wealth fund, the Fundo Soberando de Angola (FSDEA), has been playing its part in stimulating the non-oil sectors of the economy. The fund’s $5bn of capital, which was fully paid in by the government in 2014, has been allocated across a diverse local and international asset class including private equity funds, fixed-income assets, variable income assets, financial derivates and cash.
