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.

“AFC is proud to work with the government and other partners on this landmark project which is set to transform the country’s road transportation infrastructure as Angola makes strides to diversify its economy away from oil,” said AFC Board Member and Head of Financial Services, Sanjeev Gupta. “This project not only supports the country’s drive to make agriculture a foundation for economic growth, but it also prioritises the development of climate resilient infrastructure which contributes significantly to Angola’s climate adaptation plan.”

In October 2023, AFC was appointed lead project developer for the Lobito Corridor connecting northwest Zambia to the Benguela rail line in Angola and ultimately to the port of Lobito, working with the US government, the European Union, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia. AFC’s investment in the new roads project showcases the Lobito Corridor consortium partnering beyond rail to support rural transport connectivity that will serve to link communities and the larger regional corridor.

The Republic of Angola has been a shareholder and member state of AFC since 2022.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org

About AFC:
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception. www.AfricaFC.org

The President of the African Development Bank Group (www.AfDB.org), Dr Akinwumi Adesina, delivered an impassioned plea for more balanced media coverage of Africa and its development, noting it was critical for changing false narratives.

Adesina said this on Thursday in a keynote speech to the All Africa’s Media summit in Nairobi, attended by nearly 300 participants from across the continent. He praised the crucial role the media plays in strengthening democracy and advancing inclusivity.

The Bank Group president said there were many positive developments in Africa yet the continent continues to suffer misrepresentations which undermine its economic progress and investment potential.

“Despite the significant progress within our continent, the prevailing media narrative often focuses on negative stereotypes, overlooking the substantial advancements and resilience Africa demonstrates,” he added.

Adesina said there was plenty of positive news to report about and highlighted the continent’s economic resilience regional and amid global challenges. He said that in 2023, Africa’s growth rate surpassed the global average, with 11 African nations ranked among the world’s fastest-growing economies.

Adesina referenced a 2021 Africa No Filter Report, which revealed significant adherence to outdated and negative clichés in media reports about Africa. “It’s time for change,” he declared. “We must reshape the narrative about Africa to reflect its true spirit and potential.”

He emphasised the critical nature of information and its ability to have a profound negative impact on development and investor perceptions even though an in-depth investigation by Moody’s Analytics had shown the continent was much less of a risk than many other continents.

“We must promote a balanced view that highlights both the challenges and the many successes of Africa. It’s about changing perceptions and showcasing Africa as a continent rich with opportunity and innovation.”

The Bank Group President also spoke about the challenges and transformations within the media sector, highlighting the impact of digital technology.

“The media landscape has dramatically shifted with the rise of the internet and mobile technology, leading to a proliferation of digital platforms,” Adesina declared.

“While this has democratised information, it has also complicated issues, the distinction between fact and fiction can become blurred.”

To counter unfair and unbalanced narratives, Adesina urged the creation of a powerful, globally respected African media and proposed strategic collaborations among regional financial institutions to support this cause, emphasising the need for media to act as a catalyst for development.

“We need to celebrate and promote the continent’s successes, turning the tide against the longstanding stereotypes that have clouded the global view of Africa… What you call yourself, is the name others will subscribe to you.”

“For as long as we continually denigrate ourselves and play into the hands of those who control the narrative about Africa, we will be stuck with a label that does not belong to us,” he concluded.

He highlighted the African Development Bank’s own successes which included maintaining a AAA credit rating and launching groundbreaking financial initiatives that have earned it respect as an innovative and successful multilateral development bank.

“We have proven that Africa can lead with innovation and strength in the global financial landscape,” the President remarked. “Yet, these achievements receive minimal attention compared to the persistent focus on Africa’s challenges.”

Adesina added that just one month ago, the Bank launched a landmark $750 million hybrid capital instrument, again with a Triple A rating, which was oversubscribed eight times. He described this as a huge “testament to the confidence and trust in Africa’s burgeoning financial capabilities.”

He pledged that the African Development Bank remained committed to supporting initiatives that would help the media present a more balanced and progressive portrayal of Africa and support its economic development.

In a discussion with Julie Gichuru of the Mastercard Foundation after his address, Adesina said Africa was blessed with energy sources, but millions remained without electricity. “This must change,” he said.

“We cannot industrialise in the dark, we cannot develop in the dark. Our children cannot be competitive in a world of darkness,” he concluded.

Dr Adesina’s speech https://apo-opa.co/4b6CnhA

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Download more images: https://apo-opa.co/3UV8QSy

Contact:
Jonathan Clayton
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

The Kenya Sevens men and women’s squads to the final round of  HSBC Sevens Challenger 2024 which will be played as standalone tournaments, for the men in Munich, Germany and Krakow, Poland for the women, on 18-19 May, have been confirmed by their respective management teams.

Get the full squads here https://apo-opa.co/3wkzc71

Distributed by APO Group on behalf of Kenya Rugby Union (KRU).

Media Contact:
KRU Communications
Tel: +254 724 256 179
Email: media@kru.co.ke

As part of the country’s six-year licensing round launched in 2019, Angola will open its next international tender in 2025. Currently, the National Oil, Gas&Biofuels Agency (ANPG) – the country’s national concessionaire – is finalizing contract negotiations for the 2023 bid round, which concluded in January 2024 and secured 53 bids. As new investment flows to the country’s upstream sector, Angola’s existing transport and logistics infrastructure is poised to support new concessions, accelerating exploration and the success of new oil and gas developments.

The country’s premier energy event – Angola Oil&Gas (AOG) – will unpack this nexus of upstream exploration and infrastructure development. Uniting Angolan policymakers with global project developers, the event facilitates investment in oil and gas projects with the goal of increasing production. The success of the six-year licensing strategy will be explored, while stakeholders engage with new opportunities across the market.

Licensing Rounds Target Production Increase

Angola aims to produce 1.1 million barrels per day (bpd) until 2027, increasing output to 2 million bpd in the long term. To achieve this, the country is inviting investment in exploration through the promotion of its six-year licensing strategy. Currently, the ANPG is finalizing production sharing negotiations for a 12-block tender launched in 2023. Nine companies qualified as operators in the tender, while five companies qualified as non-operators.

In addition to new licensing opportunities, Angola has a range of acreage on permanent offer. Speaking at an AOG 2024 networking function in Houston last March, Alcides Fernandes Mendes de Andrade, Executive Administrator at the ANPG, outlined available blocks. These include “14 blocks offshore – 8 in shallow water and 6 in deep water. Most are high potential blocks in proven basins. [There are] 8 onshore blocks in the Congo and Kwanza basins,” he said.

Offshore, available deepwater blocks include Block 32/21, Block 33/21 and Block 34/21 in the Lower Congo Basin and Block 41, Block 42 and Block 43 in the Benguela and Namibe Basins. Shallow water blocks include Block 6/15, Block 7/21, Block 8/21 and Block 9/21 in the Kwanza Basin and Block 10, Block 11, Block 12 and Block 13 in the Benguela and Namibe Basins. Available onshore blocks include CON3 and CON7 in the Congo Basin and KON1, KON3, KON7, KON10 and KON 14 in the Kwanza Basin.

Existing Infrastructure Supports New Concessions

Angola’s medium- to long-term strategy is to expand its infrastructure production capacity. This, in turn, will not only support the development of new discoveries, but also bolster production capacity and reduce imports. As such, the country is seeking direct investment in infrastructure, with several strategic projects in the pipeline.

Angola aims to construct an integrated terminal and logistics hub in Soyo, with the capacity to produce 65,000 bpd and store two million barrels. Developed under a PPP model, the project offers investors an exemption on importations and a ten-year tax holiday and aims to start operations by 2026, with a license duration of 15-25 years. Additionally, Angola is looking at developing the Kwanza Terminal and Pipeline Routes Project, featuring a 25,000-bpd production capacity, one million barrels of storage capacity and offering similar financial incentives to that of the Soyo terminal. The project will also be developed under a PPP model and will start operating by 2029.

As a mature petroleum producer, Angola has already established the necessary infrastructure to process, distribute and export oil and gas. Strategic facilities include the Kwanda Logistics Base in Soyo – established as a supply and support base for Angola’s offshore oil and gas industry. Kwanda is the location of the Angola LNG plant and supports offshore projects. Sonangol Integrated Logistics Services (SONILS) also operates an onshore supply base near the capital Luanda. The base supports 65% of the country’s daily oil production through services related to cargo handling, engineering, development and lease of specialized oil and gas facilities.

Additional infrastructure includes the Petromar Fabrication Yard in Soyo; the Paenal Fabrication Yard in Kwanza Sul; the Barra do Dande Ocean Terminal – with the capacity to store 582,000 cubic meters of liquid and gaseous fuels; and the Port of Lobito, which can handle 2.9 million tons of cargo per year, including the export of refined petroleum. An oil refinery is currently under construction in Lobito with a capacity of 200,000 bpd, set to boost the country’s overall refining capacity.

Organised by Energy Capital&Power, AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital&Power.