Luanda - The African Export-Import Bank (Afreximbank) has granted 2.3 billion US dollars to the Angolan government for the implementation of several social impact projects, the chairman of the board of directors of the financial institution, Benedict Oramah, said Monday in Luanda.
Among the projects, the construction of a fertilizer factory in the Soyo region, Zaire province, worth 2 billion dollars, which will have the capacity to produce 3.8 million tons per year, stands out.
Benedict Oramah gave the information to journalists after an audience granted to him by the Angolan Head of State, João Lourenço, with whom he discussed aspects inherent to the projects that Afreximbank has for Angola.
“We are delighted to have had the opportunity to help the Angolan government achieve its growth ambitions,” Benedict Oramah said. He also expressed his satisfaction with the development the country has achieved in recent years.
In his opinion, the fertilizer factory will help Angola achieve self-sufficiency in food and also in the production of this product.
“We hope that with the size of the project, when it is completed, Angola will be able to export fertilizers to other African countries and, in this way, we will be able to guarantee food self-sufficiency at the African level,” he said.
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution, created to finance and promote intra- and extra-African trade.
With 30 years of existence, Afreximbank has developed innovative financial solutions with the aim of transforming the structure of African trade, promoting industrialization and intra-regional trade, to accelerate the continent’s economic growth.
A champion of the African Continental Free Trade Agreement (AFCFTA), Afreximbank initiated the Pan-African Payments and Settlements System (PAPSS), which has been endorsed by the African Union (AU), as the primary payment and settlement platform in support of the implementation of the AFCFTA.
In addition, the Bank, in collaboration with the AFCFTA Secretariat and the AU, is establishing a USD 10 billion Adjustment Fund to assist countries to effectively engage in the Continental Free Trade Area.
As of end-December 2023, Afreximbank’s total assets and collateral exceeded USD 37.3 billion, with shareholders’ funds reaching USD 6.1 billion. The Bank’s total revenue for 2023 was USD 2.6 billion.
Afreximbank, headquartered in Cairo, Egypt, has grown into a group entity that includes the Bank itself, its impact fund subsidiary (Fund for the Development of Exports in Africa, or FEDA) and its insurance management subsidiary (AfrexInsure). AFL/ART/TED/DOJ
