Energy Capital & Power

Angola Secures $121M in ADEX Funding

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Angola. Bigstock (1)

Angola has signed two agreements with the export-financing arm of the Abu Dhabi Fund for Development, the Abu Dhabi Exports Office (ADEX), that will see $121 million injected into the country’s nascent IT and infrastructure sectors.

Carried out by global venture capitalist fund Presight Capital, the first agreement will see ADEX provide $90 million towards the acquisition of an analytical platform, primary data center, backup data center and national cloud platform with the aim of improving the efficiency and performance of Angola’s IT sector.

The second agreement involves a $45 million capital injection that will allow UAE-based manufacturing company, Mark Cables, to install and maintain a modern and sustainable street-light system across the major Angolan cities of Luanda, Malanje, N’dalatando and Uíge.

“The two agreements constitute an important starting point for a new phase of developmental cooperation with the government of Angola. They contribute to building efficient partnerships to support the development of modern, environmentally-friendly infrastructure in Angola in cooperation with well-established UAE companies, as well as companies based in Angola. These activities will also contribute to the efforts to diversify the UAE’s economy,” Mohamed Al Suwaidi, Director General of the Abu Dhabi  said.

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Charné Hollands

Charné Hollands

Charné Hollands is the Deputy Editor at Energy Capital & Power. She holds a Higher Certificate in Professional Photography and Masters in Media Studies from the University of Cape Town. Charné writes content for ECP's website and events as well as co-authored African Energy Chamber: Road to Recovery.