The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to finance the construction of a factory of large-scale fertilizers in Angola, announced on Friday the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo.

The $2 billion ammonia and urea complex, developed as part of a joint venture between the Angolan state company Sonagas, and the private group OPAIA, is designed to reduce the country's dependence. to imported fertilizers.

The factory, whose construction is expected to be completed in 2027, will have a production capacity of 4,000 metric tons of fertilizer per day, according to Azevedo.

“This project is important because Angola imports fertilizers. Yesterday, Afreximbank approved approximately $1.3 billion in financing for this project,” Azevedo said during a visit to Botswana.

Located in Soyo, a strategic coastal city in the province of Zaire in Angola, the plant will benefit from direct access to natural gas, at electricity, water and port infrastructures, which will ensure logistical efficiency both for domestic distribution and for the export potential.

This project is a cornerstone of efforts made by Angola to diversify its economy and strengthen its agricultural productivity, as the government seeks to reduce its dependence on imports and to improve food security through industrial development.