The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to support construction of the Soyo fertiliser complex in Angola, the country’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Pedro Azevedo, announced on Friday.
The wider project, a $2 billion ammonia and urea facility, is a joint venture between state-owned Sonagas and the OPAIA Group. It is designed to cut Angola’s reliance on imported fertilisers: the country currently buys more than $120 million of fertiliser annually to satisfy domestic demand.
“This project is crucial because Angola currently imports fertilisers. Afreximbank has just approved financing of around $1.3 billion for the development of the facility,” Azevedo said during a visit to Botswana.
The Soyo plant is expected to boost local production capacity, support agricultural productivity and reduce the foreign-exchange burden tied to fertiliser imports.