Minister: Afreximbank approves $1.3 billion loan for Angola fertilizer factory

Diamantino Pedro Azevedo, Minister of Mineral Resources, Petroleum, and Gas, announced on Friday that the African Export-Import Bank has authorized a $1.3 billion loan to finance the construction of a fertilizer plant in Angola.

The state-owned Sonagas and the OPAIA Group are collaborating to build the $2 billion ammonia and urea plant, which will lessen Angola’s dependency on imported fertilizer. With a daily production capacity of 4,000 metric tons of fertilizer, the facility is anticipated to be finished in 2027.

“That project is significant because we import fertilizers into Angola. During a visit to Botswana, Azevedo stated, “Afreximbank approved financing for about $1.3 billion for the project yesterday.”

According to a representative for Afreximbank, the lender keeps “on specific client transactions or relationships” private.

In August 2024, the pan-African bank revealed that it had been named the lead arranger for the fertilizer plant project the previous year.

Based in Soyo, close to the Atlantic coast, the fertilizer plant has access to energy, water, natural gas, and a commercial port.