The Bank of Mozambique (BdM) could be legitimized as the operational manager of the Sovereign Fund at the end of February or beginning of March, through an agreement to be signed between the financial institution and the government.

According to Enilde Sarmento, the national director of Economic Policies and Development at the Ministry of Economy and Finance (MEF), "at the moment, technical teams from the Ministry are finalizing the proposal for the instrument for subsequent approval by the Council of Ministers".

Quoted by the newspaper Notícias, Enilde Sarmento added that although the law approved by Parliament refers to the powers of the Sovereign Fund manager, the management contract will provide more details on the role of the administrator of this account.

"In this sense, the agreement will contain all the details inherent in the operational manager's mandate, his role, competencies and the explanation regarding the implementation of the investment policy," he emphasized.

It will also provide guidance on the models to be followed for rendering accounts, investment processes, deadlines to be met and the hiring of internal managers.