Angola has partnered with the Africa Finance Corporation (AFC) as a shareholder and its 35th member state, seeking to add more
In line with this, AFC recently approved $100 million for the construction of Cabinda Refinery to boost local value addition to oil exports and create jobs.
AFC is also working with the government on a pipeline of further potential projects totaling almost $1 billion across several sectors. These include transport, natural resources, and power.
Further, AFC is assessing opportunities to support refinery plants that will boost local manufacturing, drive import substitution, and strengthen production networks. It is also looking at constructing a railway corridor, which will improve the exports in Angola’s sub-region.
In 2020, AFC made a $45 million investment in Sonangol, Angola’s state-owned oil company to support strategic projects that include the development of the country’s first solar photovoltaic power plant.
Angola is the latest in AFC’s rapidly expanding footprint across Africa, having added 16 new member countries in the past four years. Other Southern African member states include Malawi, Namibia, Zambia and Zimbabwe.