Africa Finance Corporation (AFC), an infrastructure solutions provider, is leading a significant commercial funding package in order to finance much-needed enhancements of infrastructure in Angola
AFC is acting as mandated lead arranger for the EU€381.5mn (approx. US$411mn) and will make an EU€85mn (approx. US$92mn) investment itself to finance engineering, procurement and construction of 186 bridges and upgrades to the country’s road network. This will combine export credit agency financing from the Export-Import Bank of the U.S. and the U.S. Private Export Funding Corporation. Other key partners include Standard Chartered Bank Conduril and Acrow.
Sanjeev Gupta, AFC board member and head of financial services, commented, “AFC is proud to work with the government and other partners on this landmark project which is set to transform the country’s road transportation infrastructure as Angola makes strides to diversify its economy away from oil. This project not only supports the country’s drive to make agriculture a foundation for economic growth, but it also prioritises the development of climate resilient infrastructure which contributes significantly to Angola’s climate adaptation plan.”
The project has been specifically targeted to improve accessibility in remote areas and support industrial and commercial activity. Originally initiated by the Ministry of Public Works, Urban Planning and Housing, the improvements to road interconnectivity is expected to particularly help the agricultural sector provide cereals in response to increased food imports and fostering localisation of food chains.
Economic and political reforms are certainly aiding the country’s growth efforts and are drawing the eyes of companies seeking to take advantage of the country’s increasingly attractive investment environment. Find out more at: www.africanreview.com/finance/novare-eyes-angola-s-increasingly-attractive-investment-environment
