CAIRO, Oct 6 – The African Export-Import Bank (Afreximbank) is expected to finalize financing of about $1.3 billion for Angola’s Amufert fertilizer plant by the end of October, as the lender expands its support for industrial and agricultural development in the country.
Afreximbank President George Elombi announced the planned financing timeline on October 3 following a meeting with Angolan President João Lourenço on the sidelines of the Alamein Africa Forum in Egypt.
Elombi said fertilizer production is strategically important to Angola and to Africa’s broader food security ambitions. He said the Amufert project would be the third large-scale fertilizer initiative in Africa backed by Afreximbank, following projects in Nigeria and Ethiopia.
“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.”
The Amufert project, located in Soyo in Angola’s Zaire province, is designed to use natural gas to produce ammonia and urea. The facility is expected to have capacity for approximately 2,300 tonnes of ammonia and 4,000 tonnes of urea per day, according to Angolan government information.
Recent government reporting puts the project’s overall investment requirement at around $2.6 billion, with approximately $477 million already disbursed by the end of July 2026. Documentation for the Afreximbank-backed financing remains under formalisation.
The project is intended to increase domestic fertilizer production while using Angola’s natural gas resources to support a higher-value industrial activity. Its output could also strengthen fertilizer availability for agricultural markets beyond Angola.
Afreximbank Expands Support for Angolan SMEs
The discussions between Lourenço and Elombi also covered financing for small and medium-sized enterprises supplying major companies in Angola’s oil industry.
Elombi said many local suppliers face lengthy payment cycles after delivering services to larger oil-sector companies, creating working-capital constraints for businesses that otherwise have established commercial relationships.
“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 established a significant financing presence in Angola’s oil and gas sector, with the bank saying it has invested nearly $2 billion along the value chain. The latest discussions combine support for large-scale industrial infrastructure with financing mechanisms aimed at improving liquidity for local businesses.
The approach reflects a broader effort to connect Angola’s natural-resource economy with domestic industrial capacity and local supply chains, particularly in agriculture, energy and oilfield services.
