The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to support the development of a new fertilizer factory in Angola. The investment was announced by the Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo.
“This project is crucial, as Angola currently imports fertilizers. Afreximbank has just approved financing of approximately $1.3 billion for this purpose,” said the minister, adding that the project will be completed by 2027 and will produce four thousand tons of fertilizer per day.
Valued at $2 billion, the ammonia and urea complex is a partnership between the state-owned company SonaGás and the OPAIA business group. Located in Soyo, the factory will leverage the country’s natural gas reserves, as well as access to energy, water, and port infrastructure.
The project is expected to create around 4,700 jobs, including 3,500 during construction and 1,200 permanent positions once operations begin. Surplus production will allow Angola to become a major fertilizer exporter in Africa, strengthening regional trade and economic diversification.
Recently, the President of the Private Investment and Export Promotion Agency (AIPEX), Arlindo das Chagas Rangel, stated that the fertilizer factory “marks a structural transformation in Angola’s industrial and agricultural outlook,” adding that it represents “a symbol of our ongoing commitment to reducing dependence on imported fertilizers and strengthening food security, while simultaneously exporting surplus production to generate foreign exchange.”
Source: Energy Capital & Power
