The Supervisory Committee of the Sovereign Wealth Fund (CSFS) elected Mozambican academic Emanuel da Conceição Chaves to the post of Chairman of that body on Thursday. He was running against Inocêncio Joaquim Paulino.

According to the press release published by the Assembly of the Republic, of the nine members who make up the Supervisory Committee of the Sovereign Fund and were present at the event, five cast their votes in favor of Conceição Chaves and four for Inocêncio Joaquim Paulino.

In his speech, Chaves reaffirmed his commitment to ensuring that the 40 % earmarked for the Sovereign Fund is properly managed and applied for the benefit of the nation.

"We're going to make sure that the 40 % that must be deposited in the Sobrano Fund's account gets there and is properly managed and applied in a responsible, transparent way," he said, stressing that "that's our mission".

Chaves spoke about the subsequent steps, which include training for committee members by renowned experts in the field, as well as the exchange of experiences and visits to countries that have achieved success in the governance of the Sovereign Wealth Fund.