African lenders back Angolan refinery

Efforts by African institutions and others to push development in the continent appear to be gaining momentum

London-based investor Gemcorp and multilateral institutions the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) have reached financial close on the Cabinda oil refinery in northern Angola. The facility is being developed by Gemcorp and NOC Sonangol. Financing for the $473m development includes $138m in equity and $335m in project finance “led by AFC, Afreximbank and a consortium of international and local financial institutions”, the AFC announced. The first phase will comprise 30,000b/d of refining capacity, enough to cover around 10% of Angola’s total refined product demand. “The credit facility covers the first phase… and paves the way for construction,”