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US and Angola Sign Final $1.3B Infrastructure Agreements

US and Angola Sign Final $1.3B Infrastructure Agreements

The United States and Angola have completed the signing of funding agreements for three infrastructure projects totaling $1.3 billion.

The projects form part of the cross-border Lobito Corridor, supported by the Partnership for Global Infrastructure and Investment (PGI) – a shared G7 commitment to advance private investment for infrastructure projects worldwide.

The three projects include two solar plants with a capacity of generating 500 MW. Set to be connected to the Angolan national grid, the projects will be developed by renewable company Sun Africa, with $872 million in financing provided by the Export-Import Bank of the US (EXIM). Upon completion, the projects will provide electricity to over three million people in Angola.

The second infrastructure project is the $450 million Acrow Bridge project. The project includes the construction of 186 bridges across the country, with financial support from the EXIM, finance service corporation the Private Export Funding Corporation and international bank Standard Chartered Bank.

The final project – the Angola FM Radio Signal Expansion and Studio Modernization Project – aims to expand analog FM radio coverage to 95% of the Angolan population. Financially supported by US-based GatesAir Technology, the $40 million project comprises the provision of 168 Flexiva FM transmitters; the installation of antennas, towers and auxiliary RF systems; and the upgrading of studios across the country.

The three projects represent the largest US-backed PGI financing package to any country worldwide.

Further Africa

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