Africa Finance Corporation funds major road network improvement programme in Angola
African infrastructure and industrial development funding agency, the African Finance Corporation (AFC), has announced that it has disbursed €75-million out of an €85-million sovereign facility, granted to the Angolan government, through its Finance Ministry. This facility is to support major improvements to the country’s road network, specifically the construction of 186 key bridges and essential road upgrades.
This programme forms part of the country’s National Development Plan for 2023 to 2027. It has created 900 direct jobs and will reduce transport costs and give easier access to markets for agricultural producers. It will also improve the efficiency, resilience and inclusivity of the Angolan transport network.
“We are proud to advance this catalytic investment that will connect underserved regions, enhance regional trade, and improve the quality of life for millions of Angolans,” affirmed AFC president and CEO Samaila Zubairu. “This disbursement demonstrates AFC’s unique capacity to structure and fund impactful infrastructure projects that address critical national priorities and accelerate economic transformation.”
This transaction was solely arranged and financed by the AFC. It forms part of an already announced €381.5-million package, in which AFC has been the lead arranger regarding the commercial tranche. The US Export-Import Bank, via the US Private Export Funding Corporation, had led the export credit agency tranche. The coordinating and structuring bank has been the UK’s Standard Chartered Bank, Portuguese civil engineering group Conduril is the main engineering, procurement and construction contractor, and giant US construction industry group Acrow supplied the bridges.
“This disbursement reinforces AFC’s commitment to working alongside African governments to deliver infrastructure that supports inclusive growth, regional connectivity, and economic transformation,” highlighted the institution. “The project is expected to significantly strengthen the resilience of Angola’s transport network to climate-related disruptions, reduce travel times, and lower logistics costs for communities, farmers, and businesses. It also supports regional integration by enhancing trade corridors and cross-border connectivity across Southern and Central Africa.”
The AFC was created in 2007. It now had 45 member countries and had so far invested more than $15-billion in 36 African countries.
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