The African Export Development Fund (FEDA) has announced an investment in Cabinda Oil Refinery.

FEDA is the impact investment subsidiary of Afreximbank, while Cabinda Oil Refinery is an integrated modular platform for oil refining in Angola developed by Gemcorp Holdings (“Gemcorp”) in a joint venture with Sonangol. Its oil refinery is a high-conversion refinery of 60,000 barrels per day (b/d), with a first phase of 30,000 b/d. It is located in the province of Cabinda in Angola, one of the largest producers of crude oil in Africa. Its vision is to transform Angolan crude oil into a variety of petroleum products, including diesel, gasoline, naphtha, and jet fuel, for local consumption

FEDA confirms its commitment to supporting industrialization and economic development in Africa, while ensuring environmental sustainability. FEDA's investment comes shortly after Gemcorp,Afreximbank et Africa Finance Corpora tion successfully raised the debt of a $335 million project financing facility in July 2023