LUANDA, ANGOLA--Angola is set to appoint global PR support for the oil-rich nation’s new sovereign wealth fund.
According to this report, the fund is expected to receive as much as $25bn upon launch, and could become one of the world’s five largest sovereign wealth funds according to current oil price trends.
Expected to launch in 2010, the fund has been repeatedly delayed according to reports in the financial press.
However, the IMF’s Angolan loan program calls for the fund’s creation, to invest the country’s oil wealth abroad.
It is understood that the brief, worth around £500k, has attracted interest from several international PR firms, with a decision imminent.
Angola is one of many nations that have recently chosen to establish a sovereign wealth fund, including Nigeria, Mongolia, Italy, India, Panama and Israel.
Many well-established sovereign wealth funds, such as those from UAE, Singapore and Hong Kong, have public relations support in place, via global networks and local firms in key destinations.