Afreximbank and OPAIA Group Forge Historic Partnership to Build Fertilizer Plant in Angola

The African Export-Import Bank (Afreximbank) is leading the financing for Angola’s groundbreaking ammonia and urea fertilizer plant, promoted by the OPAIA Group. As the Mandated Lead Arranger, Afreximbank will provide USD 1.4 billion in debt funding, working alongside other partner financial institutions, and its Advisory and Capital Markets department will help secure additional equity funding. On November 20th, 2024, OPAIA Group, through its subsidiary Amufert S.A., signed a USD 1.4 billion Engineering, Procurement, and Construction (EPC) contract to kick off the construction of the fertilizer plant in Soyo, Angola.

This USD 2 billion fertilizer project is a transformative step in Angola’s industrial and agricultural development, supported by global technical companies including KBR, TOYO Engineering Corporation, WeDO, and Wuhan Engineering Company. The high-profile signing ceremony was attended by key officials from Afreximbank, senior Angolan government figures such as 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. The presence of the diplomatic corps highlighted the international importance of the project for Angola’s transformation. It also underscores the role of intra-African trade in advancing regional economic development.

Ms. Oluranti Doherty, Managing Director of Export Development at Afreximbank, emphasized the project’s significance, stating, "Afreximbank is proud to lead the capital mobilization for this project, recognizing the critical role of Amufert S.A.'s fertilizer production plant in ensuring regional food sovereignty and localizing fertilizer production in Angola. The plant will boost agricultural yields, production, and exports of agricultural products from Angola when operational."

Mr. Agostinho Kapaia, Chairman of OPAIA Group, highlighted that the project is not just about building a factory but a crucial component of Angola’s economic growth, industry expansion, and food security for future generations. He expressed gratitude to all partners, especially Afreximbank, for their ongoing support and belief in the project from the outset.

With a production capacity of 4,000 metric tons per day, the Amufert S.A. plant will transform Angola’s agricultural sector by drastically reducing reliance on imported fertilizers. It is projected to create 4,700 jobs — 3,500 during construction and 1,200 permanent jobs once the plant is operational. The plant will also contribute to Angola’s economic diversification, leveraging natural gas resources to reduce dependence on oil revenues. It will ensure a steady supply of affordable, high-quality fertilizers to local farmers, increasing agricultural productivity and food security.

The surplus production will allow Angola to become a key fertilizer exporter within Africa, fostering regional economic integration and promoting intra-African trade. Construction is set to begin in 2025, with the plant expected to be operational by 2027.