EQS-News

Angola’s Road Network Set for Transformation as Africa Finance Corporation leads commercial funding for €381 million project

EQS-News: Africa Finance Corporation (AFC) / Key word(s): Miscellaneous Angola’s Road Network Set for Transformation as Africa Finance Corporation leads commercial funding for €381 million project 10.05.2024 / 14:30 CET/CEST The issuer is solely responsible for the content of this announcement. Angola’s Road Network Set for Transformation as Africa Finance Corporation leads commercial funding for €381 million project

 

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, is leading commercial funding for a €381.5 million package to finance engineering, procurement and construction of 186 bridges and crucially needed enhancements to Angola’s road network.

AFC, acting as mandated lead arranger for the commercial tranche, has committed to invest €85 million, combining with export credit agency financing from the Export-Import Bank of the U.S. and the U.S. Private Export Funding Corporation. Other key partners include Standard Chartered Bank as the coordinating and structuring bank; Conduril, a leading Portuguese civil engineering firm which is the main EPC contractor; and Acrow, a U.S. construction industry giant as the bridge supplier. The signing took place at this week’s US-Africa Business Summit in Dallas, Texas, organised by the Corporate Council on Africa.

Initiated by the Ministry of Public Works, Urban Planning and Housing in Angola, the project specifically targets improved accessibility in remote areas and supports industrial and commercial activity, advancing prosperity by reducing transport costs and travel times, and easing poverty through job creation. Improving road interconnectivity particularly helps the agricultural sector produce and market much needed cereals for human food and animal feed, as well as livestock, providing a resolute response to increased food imports and fostering localisation of food chains.