The OPAIA Group, a Luanda-based conglomerate founded by Angolan businessman Agostinho Kapaia, has been selected a strategic sponsor in the recently inked $1.4 billion credit facility to develop a major fertilizer factory in Angola.
The $1.4 billion loan from the African Export-Import Bank (Afreximbank) and Amufert SA aims to improve the country’s agricultural infrastructure and diversify its economy.
The loan facility intends to diversify Angola’s economy away from oil and toward a larger industrial base. The fertilizer factory in Soyo, with natural resources and strategic access to gas, water, and a port, will improve food security and create 4,700 employment, including 3,500 in construction and 1,200 permanent ones.
OPAIA Group, a significant partner in the project, will sponsor the initiative alongside Sonangol Natural Gas (Sonagas). Afreximbank, as the Mandated Lead Arranger, is in charge of the debt financing while also assisting with equity fundraising through its Advisory and Capital Markets business.
During the signing event, Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized the importance of the partnership and the Angolan government’s role in assisting the project.
“The $1.4 billion Project Finance Facility with Amufert SA marks a substantial step towards resource-based industrialization in Angola,” Oramah noted, commending President João Lourenço’s administration for its commitment to industrial growth.
Agostinho Kapaia, Chairman of OPAIA Group, shared similar comments, appreciating the collaborative efforts of 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,” says Kapaia.
Under Agostinho Kapaia’s direction, the OPAIA Group has developed as a significant player in Angola’s infrastructure industry. The conglomerate, one of the country’s fastest-growing, cultivates over 80,000 hectares of farmland, making it Angola’s leading cereal producer.
Kapaia, the nephew of millionaire Antonio Mosquito, also occupies prominent positions in regional organizations. As Vice President of PAFTRAC Southern Africa and President of the Angolan Community of Exporting and Internationalized Companies (CEEIA), he promotes sustainable development and regional integration.
OPAIA’s quick growth has not been without controversy. According to activist Rafael Marques, director of Maka Angola, the company received €1.2 billion ($1.3 billion) in government contracts over the past two years under suspicious circumstances.
As the OPAIA Group continues to play an important role in Angola’s industrial and infrastructure development, Marques’ charges raise concerns about transparency and governance in Angola’s public procurement processes, notably the awarding of contracts via simplified methods.