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Angola : Euros 381.5 million funding for road projects

Angola : Euros 381.5 million funding for road projects

With membership of 43 countries and a total investment of  USD 13 billion across Africa, the Africa Finance Corporation(AFC) in partnership with the Standard Chartered Bank,  the Export-Import Bank of the United States and  other partners has provided 381.5 million funding for roads and infrastructure projects in Angola. These projects are meant to enhance the road network,  spur economic growth and development of the Angolan Economy.

In a bid to enhance Angola’s road network, Africa Finance Corporation (AFC), in collaboration with the export credit agency financing from the Export-Import Bank of the United States(EXIM) and Standard Chartered Bank with other partners on 10 May 2024, provided a commercial funding of 381.5 million euro to finance engineering, procurement and construction of 186 bridges. This project  not only supports the country’s drive to make agriculture a foundation for economic growth, it also prioritizes the development of climate resilient infrastructure which contributes significantly to Angola’s climate adaptation plan according to experts.

“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”. 

Sanjeev Gupta, Head of Financial Services, AFCIndia

Initiated by the Ministry of Public Works, Urban Planning and Housing in Angola, the project aims to improve accessibility in remote areas, support industrial and commercial activity, advance prosperity by reducing transport costs and easing poverty through job creation. 

“It will also help locally to assist in the development of other key sectors like agriculture and manufacturing and processing. So having said that, we believe that it is an important step towards the direction that the Angola government is moving in the sense of the diversification of its economy”.

António Henriques da Silva, Founder and CEO, Topson SA GroupAngola

The Republic of Angola has been a shareholder and member state of AFC since 2022. In October 2023, AFC was appointed lead project developer for the Lobito Corridor connecting northwest Zambia to the Benguela rail line in Angola and the port of Lobito, in partnership with the African Development Bank,  US government, the European Union, the  Democratic Republic of Congo, Zambia and the Angolan Government. AFC’s investment in the new roads project portrays  the Lobito Corridor consortium partnering beyond rail to support rural transport connectivity that will link communities and the  regional corridor.

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