Seated L-R: Mr. Wang Jia Yi, Vice President Wuhan Engineering Company , Mr. Agostinho Kapaia, Chairman OPAIA Group, and Mr. Pedro Santos Chief Executive Officer Omatapalo
Luanda, Angola, December 3, 2024: — African Export-Import Bank (Afreximbank) is the Lead Financier of Angola’s historic ammonia and urea fertilizer plant promoted by the OPAIA Group. As the Mandated Lead Arranger, the Bank will provide USD 1.4 Billion in debt funding alongside partner financial institutions while its Advisory and Capital Markets department will facilitate additional equity fundraising.
On November 20th, 2024, the OPAIA Group through its subsidiary Amufert S.A., signed a USD 1.4 billion Engineering, Procurement, and Construction (EPC) contract to commence the construction works related to the fertilizer plant that will be based in Soyo, Angola.
This transformative USD 2 billion fertilizer plant project reflects the commitment of OPAIA Group to the Southern African country’s industrial and agricultural development, in partnership with globally renowned technical companies, such as KBR, TOYO Engineering Corporation, WeDO, and Wuhan Engineering Company.
The high-profile signing ceremony was attended by senior officials from Afreximbank, Angola’s senior government officials, among them the Minister of Natural Resources, Minerals and Petroleum; the Minister of Agriculture; the President of the Sovereign Wealth Fund of Angola (FSDEA); and the CEO of Sonangol. Members of the diplomatic corps were also in attendance, underscoring the project’s international significance for Angola’s industrial and agricultural transformation. The initiative also highlights the importance of promotion of intra-African Trade and advancing regional economic development.
Speaking at the signing ceremony on behalf of the President of the Bank, Ms. Oluranti Doherty, Managing Director, Export Development at Afreximbank said: “Afreximbank is pleased to lead the mobilization of capital for this project, recognizing the importance of Amufert SA’s ammonia and urea production plant to regional and national food sovereignty, via the localization of fertilizer production in Angola. When commissioned, the fertilizer plant will facilitate higher agriculture yields, higher production, and an increase in export volumes of agriculture products from Angola.”
Mr. Agostinho Kapaia, Chairman of OPAIA Group, said: “This project represents much more than the construction of a factory. It is a key element in the economic development of Angola and Africa, a driving force for the growth of industry and a concrete solution to the urgent need to increase agricultural production and guarantee food security for future generations. We thank all our partners for their continued support and in particular Afreximbank for its commitment and belief in this project from the very beginning.”
With a production capacity of 4,000 metric tons per day, the Amufert S.A. plant is expected to revolutionize Angola’s agricultural sector, significantly reducing the country’s reliance on imported fertilizers. The project will generate significant benefits, including the creation of 4,700 jobs — 3,500 during the construction phase and 1,200 permanent positions once completed. It will also contribute to Angola’s economic diversification by leveraging natural gas resources, thereby reducing reliance on oil revenues. Additionally, the initiative will support farmers by ensuring a consistent supply of affordable, high-quality fertilizers, boosting agricultural productivity and enhancing food security. This will not only enhance Angola’s agricultural resilience but also position the country as a leader in fertilizer production across Africa.
Surplus production will enable Angola to become a key fertilizer exporter within Africa, fostering regional economic integration and promoting intra-African trade.
Construction of the plant is slated to commence in 2025, with operations expected by 2027.
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