The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to support the construction of a fertiliser plant in Angola, Minister of Mineral Resources, Petroleum and Gas Diamantino Pedro Azevedo said on Friday.
The $2 billion ammonia and urea facility, aimed at reducing Angola’s dependence on fertiliser imports, is being developed as a joint venture between the state-owned Sonagas and the OPAIA Group.
Scheduled for completion in 2027, the plant is expected to produce 4,000 metric tons of fertiliser per day.
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“That (project) is important because in Angola we are importing fertilisers. Yesterday, Afreximbank approved financing for about $1.3 billion for the project,” Azevedo said during a visit to Botswana.
An Afreximbank spokesperson told Reuters that the bank does not comment “on specific client transactions or relationships.”
The pan-African lender was appointed lead arranger for the fertiliser plant project last year and announced the appointment in August 2024.
The facility will be located in Soyo, near the Atlantic coast, providing access to natural gas, energy, water, and a commercial port to support operations.
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Image Credit: African Economy Inc
