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US EXIM Signs $1.3 Billion Deals to Boost Infrastructure in Angola

Friday, 10 May 2024 14:29
US EXIM Signs $1.3 Billion Deals to Boost Infrastructure in Angola

(Ecofin Agency) - US Export-Import Bank (US EXIM) unveiled three agreements with Angolan authorities to fund solar energy, bridge, and communication infrastructure projects totaling $1.3 billion. Reta Jo Lewis, the bank's president, disclosed these deals at a press conference during the ongoing US-Africa Business Summit in Dallas, Texas.

Lewis emphasized their role in advancing renewable energy, wireless connectivity, and transportation infrastructure in Angola. She underscored the pivotal role of bank financing in enhancing economic cooperation between the US and Angola. The most notable agreement involves a $900 million funding for a 500-megawatt solar power plant, contributing to Africa's solar energy capabilities that saw a 3.5-gigawatt increase in 2023, albeit modest compared to the region's potential and the global installed capacity of 350 gigawatts.

A second agreement, for $363 million, does not represent direct financing, but rather a $350 million guarantee on a loan granted by Standard Chartered Bank and Africa Finance Corporation to the American company Accrow Bridges. This loan is for the construction and installation of metal bridges on several roads in Angola. The third $43 million agreement aims to finance radio communication equipment installation, aligning with efforts to enhance US companies' competitiveness against Chinese counterparts, particularly in Africa.

Although US Exim is delighted with its commitment to Africa, it is important to note that the main beneficiaries of these commitments are often US companies. Also, among the transactions currently announced, many jobs (2,300) will be created for Americans.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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