The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to support the development of a new fertilizer plant in Angola. The investment was announced by the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo.
“This project is crucial, given that Angola currently imports fertilizers. Afreximbank has just approved financing of around $1.3 billion for this purpose,” said the minister, adding that the project will be completed in 2027 and will produce four thousand tonnes of fertilizer per day.
Valued at $2 billion, the ammonia and urea complex is a partnership between the state-owned company SonaGás and the business group OPAIA. Located in Soyo, the plant will make use of the country’s natural gas reserves, as well as access to energy, water and port infrastructure.
The project is expected to create approximately 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 exporter of fertilizers 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 plant “marks a structural transformation in Angola’s industrial and agricultural prospects,” adding that it represents “a symbol of our ongoing commitment to reducing dependence on imported fertilizers and strengthening food security, while simultaneously exporting production surpluses to generate foreign revenue.”
Source: Energy Capital & Power
