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- Africa Finance Corporation lends about $113 million to Mota-Engil Africa to carry out gold mining projects in Ivory Coast and Mali
- The funds will be used to buy equipment and expand operations, helping create jobs and bring in more foreign exchange
- The project builds on a long-standing partnership between AFC and the construction firm
Africa Finance Corporation (AFC), a pan-African institution focused on infrastructure finance, has announced a five-year loan of €100 million (about $113 million) to Mota-Engil Africa. The funds will be used to carry out three gold mining contracts in Ivory Coast and Mali. Mota-Engil Africa is a subsidiary of the Portuguese engineering group Mota-Engil.
This financing will help the company purchase equipment, build up its inventory, and develop worksite infrastructure. According to AFC, the mining contracts will give a strong boost to the mining industries of both West African countries.
The deal will also allow Mota-Engil Africa to expand its footprint in West Africa’s growing mining sector. Gold remains one of the region’s most important exports and is a key source of jobs and foreign currency.
“This transaction underscores the strength of our decade-long relationship with Mota-Engil Africa and our shared vision to deliver sustainable economic transformation across Africa,” said Samaila Zubairu, CEO of AFC. “Gold continues to be a vital economic driver for many African nations, and through this investment, AFC is helping to unlock long-term value- supporting export earnings, job creation, and broader industrial development of the region.”
Manuel Mota, President of Mota-Engil Africa, welcomed the news: “We are proud to announce the successful closing of financing for three new mining projects, in partnership with Africa Finance Corporation. This achievement reflects not only the strength of our project portfolio but also the confidence that premier institutions like AFC place in our strategy, our capabilities, and our people”.
Founded in 2007 with an initial capital of $1.1 billion, AFC aims to spur investment in infrastructure across Africa. It focuses on key sectors like energy, natural resources, heavy industry, transport, and telecommunications. Its shareholders include the African Reinsurance Company, the African Development Bank (AfDB), and major pan-African banks such as Ecobank and United Bank for Africa (UBA).
With 45 member states, the AFC has invested over $15 billion in 36 African countries to date.
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