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From past experiences , and making the dream of SWF come true .

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

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From past experiences , and making the dream of SWF come true .

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  1. Nurturing our future. Angola Frompastexperiences, andmakingthedreamof SWF come true.

  2. Armando Manuel, MSc Economic Affairs Advisor to the President of Angola; Chairman of Angola Sovereign Wealth Fund - FSDEA Disclaimer This presentation does not fully reflect the views of Civil House of the President of Angola nor the FSDEA. I am alone responsible.

  3. Some Background • 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

  4. GrossDomestic Real Growth

  5. Growth driven from Oil sector

  6. Fiscal Balance (GDP%)

  7. ProductionandOilTrends

  8. Inflation and Real Effective X-rate

  9. A time to adjustthepathway • 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;

  10. 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

  11. The Official Launch Presentation October 17, 2012

  12. 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;

  13. 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;

  14. 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

  15. 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.

  16. 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.

  17. 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;

  18. The Fundo Soberano de angola Transparent & Accountable Investment Growth Potential Social & Economic Development Hilton Pattaya – Received Awards for Design Excellence

  19. Thank you!

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