* Economy secretary Manuel promoted to finance minister
* Manuel also heads $5 bln sovereign wealth fund
(Adds details on new ministers)
LISBON May 6 President Jose Eduardo dos Santos
replaced his finance and construction ministers on Monday in the
first cabinet re-shuffle since he led his MPLA party to victory
in Angolan elections last August.
Armando Manuel, who had served as secretary for economic
affairs, replaces Carlos Alberto Lopes as finance minister of
Africa's No. 2 oil producer, the presidency said a statement
without giving reasons for the re-shuffle.
Manuel is the chairman of the board of Angola's sovereign
wealth fund, which was launched in October with an initial
endowment of $5 billion to invest in projects to diversify the
It is not known whether he will remain on the three-person
board, which also includes one of Dos Santos's sons.
Lopes had been finance minister since February 2010, a
period during which Angola successfully completed a loan
programme from the International Monetary Fund and returned to
rapid growth after a downturn caused by a fall in oil prices in
The presidency statement said Waldemar Pires Alexandre would
replace Fernando Fonseca as Construction Minister. The sector
has expanded rapidly as Angola rebuilds its infrastructure
following the end 11 years ago of a long civil war.
(Reporting by Shrikesh Laxmidas; Editing by Michael Roddy)