Afreximbank Fuels Angola's Fertiliser Future with $1.3B Loan
Afreximbank has approved a $1.3 billion loan to develop a fertiliser plant in Angola. This project, a joint venture between Sonagas and OPAIA Group, aims to reduce Angola's fertiliser imports. The plant will be operational by 2027, producing 4,000 metric tons per day in Soyo.
- Country:
- Botswana
The African Export-Import Bank has confirmed a substantial $1.3 billion loan dedicated to constructing a state-of-the-art fertiliser plant in Angola. This strategic move aims to decrease the nation's dependency on fertiliser imports by fostering local production capabilities.
Minister of Mineral Resources, Petroleum, and Gas, Diamantino Pedro Azevedo, made the announcement after securing the bank's commitment for the joint venture between state-owned Sonagas and the OPAIA Group. Azevedo disclosed this development during his recent visit to Botswana, though an Afreximbank spokesperson declined to comment on specific client relationships.
The new plant, expected to begin operations in Soyo by 2027, will have the capability to produce 4,000 metric tons of fertiliser daily. This ambitious project was organized under the bank's leadership, which was appointed as lead arranger in August 2024.
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