Angola: President Wants Multiplication of Sovereign Fund Assets

14 December 2023
Angola Press Agency (Luanda)

Luanda — The President of the Republic, João Lourenço, on Thursday (Dec 14) in Luanda called on to the new Board of Directors of the Sovereign Fund of Angola to make use of their experience, especially of its chairman, in order to multiply the fund's financial and asset resources.

The Head of State was speaking during the swearing-in ceremony of the new Board of Directors of the Sovereign Fund of Angola, appointed the day before.

For the Head of the Executive Power, the maintenance of some administrators and the replacement of others aims to maintain some continuity and, at the same time, provide renewal.

He expressed confidence in the board, especially in its chairman, Armando Manuel, "a well-known figure, who has already performed some functions in the country and who, therefore, guarantees success in the management of the fund from now on".

"Sovereign wealth funds are important for countries and for our chance it could not be different, so the hope we make is that you seek to manage in the best possible way the financial and patrimonial resources that are made available to you, multiply them, so that in a few years you can serve future generations', João Lourenço said.

In turn, the newly appointed President of the Sovereign Fund of Angola, Armando Manuel, told the press that the board will dedicate itself selflessly, since the fund is the pillar of future generations, the resources will be managed with a view to fulfilling this desideratum, without prejudice to the present challenge in the perspective of stabilizing the economy.

The President of the Republic, João Lourenço, appointed, on Wednesday (13), Armando Manuel as Chairman of the Board of Directors of the Sovereign Fund of Angola, in the same decree, Alcides Horácio Frederico Safeca, Gabriel Augusto da Silva, Igor Ricardo de Pina Lima and Rui Jorge Van-Dúnem Alves de Ceita were appointed as executive directors.

For the positions of non-executive directors, Chairman João Lourenço appointed Ismael Abraão Gaspar Martins and Pedro Sebastião Teta. MR/ADR/DOJ

Read the original article on ANGOP.

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