Angola starts sovereign wealth fund for future generations

THE African country of Angola has started a sovereign wealth fund which will use some of the country's oil proceeds to generate wealth for future generations.

The Fundo Soberano de Angola was launched last week with a US$5 billion (S$6.1 billion) initial fund. Going forward the fund will increase by the value of 100,000 barrels of oil sales per day - a portion of Angola's crude output of about 1.8 million barrels a day.

Mr José Filomeno de Sousa dos Santos, a member of the fund's board, is in Singapore to attend the Sovereign Wealth Fund Institute Asia Summit and learn from other countries' experiences.