GABORONE (Reuters) -The African Export-Import Bank has approved a $1.3 billion loan to fund the establishment 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 plant, which will reduce Angola’s reliance on fertiliser imports, is being developed as a joint venture between the state-owned Sonagas and the OPAIA Group. The plant is expected to be completed in 2027, producing 4,000 metric tons of fertiliser per day.
“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 the lender does not comment “on specific client transactions or relationships”.
The pan-African bank was appointed lead arranger for the fertiliser plant project last year, it announced in August 2024.
The fertiliser plant is based in Soyo, near the Atlantic coast, with access to natural gas, energy, water and a commercial port.
(Reporting by Brian Benza, writing by Nelson Banya, Editing by Louise Heavens)
