The Fund for Export Development in Africa (FEDA) – the impact investment arm of pan-African multilateral financial institution the African Export-Import Bank (Afreximbank) – has made an investment into Angola’s Cabinda Oil Refinery project.
At an undisclosed amount, the capital will support the production of low-carbon and high-value fuel at the 60,000 barrel per day facility, enabling the refinery to meet up to 20% of domestic demand.
According to FEDA, the investment falls under the institution’s efforts to support the development of critical infrastructure in Angola.
Marlène Ngoyi, CEO of FEDA, stated that, “The project is central to Angola’s plans to drive further local value addition of its crude resources, allowing the country to meet its refined petroleum needs as well as creating export opportunities. The refinery further contributes to a reduction in greenhouse gases by reducing the need to transport crude and refined products to and from Africa.”
Source : ECP