Table of Contents
Key Points:
- Afreximbank and Amufert SA’s $1.4-billion credit facility will boost Angola’s agricultural infrastructure and economic diversification.
- The Soyo fertilizer plant aims to enhance food security and generate 4,700 jobs, diversifying Angola’s economy from oil.
- OPAIA Group and Sonagas sponsor the project, with Afreximbank leading debt funding and equity-raising initiatives.
Luanda-based conglomerate, OPAIA Group, founded by Angolan businessman Agostinho Kapaia, has been named a strategic sponsor in the recently signed $1.4-billion credit facility aimed at establishing a major fertilizer plant in Angola.
The $1.4-billion funding, arranged by the African Export-Import Bank (Afreximbank) and Amufert SA, is expected to significantly enhance the nation’s agricultural infrastructure and economic diversification.
The credit facility aims to diversify Angola’s economy from oil to a broader industrial base. The fertilizer plant, to be located in Soyo, benefiting from natural resources and strategic access to gas, water, and a port, will enhance food security and generate 4,700 jobs — 3,500 in construction and 1,200 permanent positions.
A strategic collaboration for industrial growth
As a key player in the project, OPAIA Group joins Sonangol Natural Gas (Sonagas) in sponsoring the initiative. Afreximbank, serving as the Mandated Lead Arranger, is spearheading the debt funding while also providing crucial support in raising equity through its Advisory and Capital Markets unit.
Professor Benedict Oramah, president and chairman of the board of directors at Afreximbank, highlighted the significance of the partnership during the signing ceremony, emphasizing the role of the Angolan government in facilitating the project.
“The $1.4-billion project finance facility with Amufert SA marks a substantial step towards resource-based industrialization in Angola,” Oramah stated, commending President Joao Lourenco’s administration for its commitment to industrial growth.
Agostinho Kapaia, the Chairman of OPAIA Group expressed similar sentiments, praising the collaborative efforts between OPAIA Group, Sonagas, and Afreximbank. “Partnering with Afreximbank not only facilitates our journey but also reflects trust and a shared vision of a promising future for Africa’s development initiatives,” Kapaia remarked.
From farmlands to boardrooms: Kapaia’s impact on Angola
Under Agostinho Kapaia’s leadership, OPAIA Group has emerged as a dominant force in Angola’s infrastructure sector. The conglomerate, one of the nation’s fastest-growing, cultivates over 80,000 hectares of farmland, positioning it as Angola’s largest cereal producer.
A nephew of billionaire Antonio Mosquito, Kapaia also holds leadership roles in regional organizations. As Vice President of PAFTRAC Southern Africa and President of the Angolan Community of Exporting and Internationalized Companies (CEEIA), he advocates for sustainable development and regional integration
Billions in government contracts spark controversy
OPAIA’s rapid rise has not been without controversy. In a letter by activist Rafael Marques, director of Maka Angola, the conglomerate was accused of benefiting from preferential contracts, securing €1.2 billion ($1.3 billion) worth of government contracts over the past two years under questionable circumstances.
As OPAIA Group continues to play a pivotal role in Angola’s industrial and infrastructural development, Marques’ allegations raise questions about transparency and governance in Angola’s public procurement processes, particularly concerning the awarding of contracts through simplified procedures.
