Gabon secures $3.8 billion Afreximbank pact for Gold, Manganese and energy projects
Gabon signed a $3.8 billion MoU with Afreximbank to fund development projects.
The agreement aims to enhance mining, energy, and transport sectors in Gabon.
Most gold production in Gabon is currently unregulated, requiring better oversight.
Gabon has signed a $3.8 billion memorandum of understanding with the African Export-Import Bank (Afreximbank) to fund major national development projects across mining, energy, and transport sectors.
The agreement, formalized during Afreximbank's annual general meeting in Abuja, Nigeria, aims to support the development of gold and manganese trading, enhance energy infrastructure, and expand the country's railway network.
Gabon's gold sector remains heavily informal, with approximately 70% of production coming from unregulated sources. Inadequate infrastructure, particularly poor road networks, continues to hinder the sector's growth.
Afreximbank's support for Special Economic Zones (SEZs) and Africa Quality Assurance Centers (AQACs) is expected to bring greater oversight and formalization, though success will depend on stronger enforcement of mining regulations.
As the world's second-largest producer of manganese, a vital mineral for steel production, and one of the smallest members of OPEC+, producing around 220,000 barrels of crude oil per day, Gabon is positioning itself to strengthen industrial and export capacity.
According to recent data, Gabon's economy expanded by 2.9% in 2024, largely driven by oil production and increased public investment. Minister of State for Economy, Finance and Debt, Henri-Claude Oyima, signed the agreement on behalf of the Gabonese government.
However, President Brice Oligui Nguema, has pledged to reduce Gabon's overdependence on oil by prioritizing sectors such as agriculture, tourism, and manufacturing, part of a broader strategy to combat poverty and diversify the economy.
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