Pan-African multilateral finance institution the Africa Finance Corporation (AFC) is mobilizing €381.5 million for a road connectivity project in Angola. The project, initiated by Angola’s Ministry of Public Works, Urban Planning and Housing, includes the construction of 186 bridges and the rehabilitation of the country’s road network.
Of the total funding package, the AFC is investing €85 million, while the Export-Import Bank of the U.S. and the U.S. Private Export Funding Corporation are providing export credit agency financing. International cross-border bank Standard Chartered Bank is the coordinating and structuring bank for the project, with engineering firm Conduril serving as the main EPC contractor and construction company Acrow serving as the bridge supplier.
The initiative aims to reduce transport costs and travel times, while fostering connectivity, job creation and industrial and commercial activities. Additionally, the project supports the development of the agriculture sector and the distribution of produce country-wide, in line with Angola’s efforts to diversify the economy.
AFC Board Member and Head of Financial Services, Sanjeev Gupta, stated that “This project not only supports the country’s drive to make agriculture a foundation for economic growth, but it also prioritizes the development of climate resilient infrastructure which contributes significantly to Angola’s climate adaptation plan.”
