Maputo, 13 Sep (AIM) – The Mozambican government has appointed Omar Mithá as the chairperson of the Investment Advisory Board (IAB) of the country’s Sovereign Wealth Fund, which will control revenues from the production of liquefied natural gas from offshore areas 1 and 4 of the Rovuma Basin, in the northern province of Cabo Delgado, and future projects.
Omar Mithá, who is currently the chairperson of the National Investment Bank (BNI), was formerly chairperson of the publicly-owned National Hydrocarbon Company (ENH), during 2015-2020, and an adviser to Mozambican President, Filipe Nyusi.
The other members of IAB, appointed on Thursday, in Maputo, by the Council of Ministers (Cabinet) are: Enilde Sarmento (National Director of Economic Policies and Development); Hercílio Simão (Head of Capital Markets, Asset Management and Research at the National Investment Bank); Egildo Mussuanganhe (from Access Bank Mozambique); Ibraimo Hassane Mussagy (Economist and Associate Professor at the Catholic University of Mozambique); Irene Luzidia Maurício (former employee of Bank of Mozambique); and Mukhtar Abdul Carimo (a former Director of the Commercial and Investment Bank, BCI).
These members of the IAB join the nine members of the Supervisory Committee, who were chosen in July by the country’s parliament, the Assembly of the Republic.
The IAB will assess investment opportunities in various asset classes, namely shares, bonds, real estate, infrastructure, among others, as well as analyzing the risks associated with the investments made by the operational manager, including financial, political and market risks.
The Supervisory Committee of the Sovereign Wealth Fund will now oversee the revenue achieved in the first 15 years, of which 40 percent is earmarked for the fund and 60 percent for the State Budget. The IAB, in its turn, will be responsible for assessing investment opportunities in order to keep the fund healthy.
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