The Cabinda Refinery, slated to process 60 thousand barrels of oil per day starting December this year, received a significant investment last year from the Fund for the Development of Exports in Africa (FEDA), backed by the continental bank Afrexim.
The investment is part of a broader initiative to enhance exports, spearheaded by funds established by the African Export and Import Bank (Afrexim), which have amassed over $450 million for investment in various sectors, including financial services, creative industries, oil refineries, and healthcare.
Marlene Ngoyi, the executive president of FEDA, disclosed to Reuters during the recent inauguration of the institution’s offices in Kigali that Afrexim’s four funds had raised $770 million, with $300 million already deployed.
FEDA, established by Afrexim in 2016, has mobilized $670 million through investments in shares, debt, credit, and emerging ventures by 2022, aiming to reach a total of $1.3 billion.
FEDA’s investments encompassed $85 million in the ARISE IIP industrial zone in 2022 and the acquisition of a minority stake in the Pan-African technology firm Liquid Intelligent Technologies in 2021. Additionally, an undisclosed amount was invested last year in the Cabinda refinery.
“We anticipate FEDA’s involvement in minerals, metals, and beyond, including refinery projects like the Cabinda Refinery in Angola,” remarked the president of Afrexim.
The Cabinda Refinery, constructed by a consortium comprising the Gemcorp Group (90 percent) and Sonangol (10 percent) since 2029, commands an investment exceeding $900 million, with plans to commence operations by December this year.
