African infrastructure and investment group Africa Finance Corporation (AFC) has announced that it is providing Mota-Engil Africa (MEA), part of the global Mota-Engil construction group, with a five-year €100-million facility. This will support the purchase of equipment, site infrastructure and inventories for the implementation of three new gold mining contracts, in Mali and Côte d’Ivoire.

“This transaction underscores the strength of our decade-long relationship with [MEA] and our shared vision to deliver sustainable economic transformation across Africa,” highlighted AFC president and CEO Samaila Zubairu. “Gold continues to be a vital economic driver for many African nations, and through this investment, AFC is helping to unlock long-term value-supporting export earnings, job creation, and broader industrial development of the region.”

“[This] marks a significant milestone for [MEA],” affirmed MEA chairperson Manuel Mota. “We are proud to announce the successful closing of financing for three new mining projects, in partnership with [AFC]. This achievement reflects not only the strength of our project portfolio but also the confidence that premier institutions like AFC place in our strategy, our capabilities, and our people.”

The relationship between AFC and MEA started in 2016. The AFC has played a leading financial advisory role in a number of MEA’s recent major projects. These included new Bugesera International Airport in Rwanda, the 1 289 km Lobito I railway project in Angola, and the $2-billion Kano-Maradi railway project in Nigeria.

AFC is of the view that the three new gold mining projects would provide a “significant boost” to both the Malian and Ivorian mining sectors. Both countries have “substantial” mineral potential, that is currently untapped. Across a swathe of West Africa, the mining sector is already “burgeoning” and gold in particular is a key export, driving foreign exchange earnings as well as creating local jobs.   

AFC was founded in 2007. It now had 45 member countries and had so far invested more than $15-billion in 36 African countries.