Angola to outline sovereign fund policy in Q1

LISBON Wed Dec 19, 2012 7:58am EST

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LISBON Dec 19 (Reuters) - Angola plans announce the investment policy for its new $5 billion sovereign wealth fund in the first quarter of next year, the fund's management board said in a statement on Wednesday.

The fund was launched in October to invest in domestic and overseas assets by funnelling Angola's vast oil wealth into infrastructure, hotels and other high-growth projects.

Angola, Africa's second-largest crude producer, is looking to diversify its oil-dependent economy by developing infrastructure outside the energy industry. The country was devastated by a 27-year civil war that ended a decade ago. (Reporting by Shrikesh Laxmidas; editing by David Dolan)