"AFC has completed and disbursed 75 million euros of an 85 million euros sovereign credit line to the Government of Angola, through the Ministry of Finance, to support the construction of 186 priority bridges and critical improvements to the national road network," the entity announced in a statement sent to Lusa.
The project, the statement added, "is part of Angola's National Development Plan (2023-2027) and aims to reduce transportation costs, facilitate market access for agricultural producers, and create approximately 900 direct jobs, while strengthening the resilience, efficiency, and inclusiveness of Angola's transportation system."
The disbursement is part of the 381.5 million euros financing package already announced, which includes international institutions and has the Portuguese construction company Conduril as the main contractor for the road works and the North American company Acrow as the bridge supplier.
"We are proud to advance this catalytic investment that will connect underserved regions, strengthen regional trade, and improve the quality of life for millions of Angolans," said AFC President Samaila Zubairu, quoted in the statement, highlighting "AFC's unique ability to structure and finance impactful infrastructure projects that address critical national priorities and accelerate economic transformation."
Angola, which became a sovereign shareholder of AFC in June, is the second Portuguese-speaking country, after Cape Verde, to share in this entity dedicated to financing infrastructure investments on the continent.
Earlier this year, the Angolan Sovereign Wealth Fund also made a 25 million dollars equity investment in AFC, reflecting "a cohesive national strategy to advance Angola's industrial and infrastructure development agenda through close collaboration with AFC," it announced last month.
AFC and Angola have a strong history of collaboration over the years, exemplified by initiatives such as the Lobito Corridor project, in which AFC acts as the lead promoter, alongside other partners.
"This transformative multinational transport network connecting Angola, Zambia, and the Democratic Republic of the Congo has the potential to open up new industrial and value chain opportunities in key sectors, including mining, agriculture, energy, and tourism," the financial institution emphasized at the time.
AFC was created in 2007 to foster infrastructure and industrial investment on the African continent, combining sector expertise with a focus on financial and technical consulting, project structuring, project development, and venture capital to address infrastructure development needs and drive sustainable economic growth in Africa.
AFC has 45 member countries and has invested more than 15 billion dollars (12.9 billion euros) in 36 African countries since its inception.
