The African Export-Import Bank (Afreximbank) is expected to finalize by the end of October 2026 the financing process for a $1.3 billion fertilizer plant in Angola operated by Amufert. The announcement was made on Saturday, October 3, 2026, by Afreximbank President George Elombi following a meeting with Angolan President João Lourenço on the sidelines of the Africa-El Alamein Forum in Egypt. Speaking to the press, Elombi stressed the importance of fertilizers to Angola’s economic growth and the region’s food sovereignty. Angola thus becomes the third African country to benefit from an industrial project of this scale backed by the institution, after Nigeria and Ethiopia.
Afreximbank plans to finalize by the end of October 2026 a USD 1.3 billion financing package for Angola’s Amufert fertilizer plant. The announcement was made on October 3, 2026 by Afreximbank President George Elombi after talks with President João Lourenço on the sidelines of the Africa-El Alamein Forum in Egypt. The bank highlighted fertilizers’ strategic role in Angola’s economy and regional food sovereignty. After Nigeria and Ethiopia, Angola will become the third African country to benefit from a project of this scale, aimed at boosting agricultural production.
For us, fertilizers are crucial to the development of the continent. The impact will be felt not only in Angola, but across Africa. We have already developed similar projects in other countries, notably Nigeria, in partnership with the Dangote Group, and Ethiopia. Angola will be the third. This is an initiative we are committed to, providing fertilizers essential to agricultural production across the continent, with direct benefits for Angola.
Beyond this major infrastructure project, talks between the Angolan president and Afreximbank’s President focused on strengthening the local economy, particularly through financial support for small and medium-sized enterprises serving major players in the oil industry.
We discussed the support Afreximbank can provide to small and medium-sized enterprises operating in Angola, particularly those supplying services to major companies, such as in the oil sector. These SMEs often face long payment delays. We therefore want to facilitate their access to financing so they can be paid on time and sustain their operations.
Afreximbank has invested nearly USD 2 billion in Angola’s oil and gas value chain. Through this agreement, combining industrial investment and small and medium-sized enterprises support, the bank is reinforcing its role in Africa’s development and in strengthening Angola’s economy.
