FSDEA Reaches Profitability, Assets Grow in 2016
Fundo Soberano de Angola (FSDEA) released its audited financial for the latest fiscal year 2016. FSDEA revealed that total assets grew to US$ 4.99 billion from US$ 4.75 billion in 2015. In addition, FSDEA’s investment portfolio was heavily weighted at 58% toward sub-Saharan Africa. The fund generated US$ 44 million in income, reaching profitability for the first time since inception. FSDEA made gains on investments in areas such as infrastructure and agriculture.
In 2016, FSDEA backed Cabinda’s first deep-water port.
The prolonged low price of oil continues to affect African and Gulf sovereign funds. Out of many of its African peers, FSDEA has been able to grow and maintain assets. In 2016, no additional capital was paid to FSDEA by the Angolan government.
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