Emerging markets asset manager Gemcorp has mobilized a $335 million financing facility for the construction of the Cabinda oil refinery in Angola alongside finance organizations, the African Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank). With the financing facility, project partners Sonangol and Gemcorp have secured the relevant capital to proceed with the refinery’s development. The $335 million facility, in conjunction with $138 million in equity provided for by Gemcorp and Sonangol, covers the construction of the first phase of the refinery development.
