Gabon signed a $3.8 billion memorandum of understanding with the African Export-Import Bank to fund mineral and infrastructure projects in the central African nation.
The country is the world’s second-biggest producer of manganese, which is used to harden steel products mainly used in construction, and one of the smallest members of OPEC+, pumping 220,000 barrels of crude oil per day. The agreement aimed at diversifying Gabon’s economy was signed on Friday at Afreximbank’s annual general meeting in the Nigerian capital, Abuja.
The strategic partnership with Afreximbank will “formalize gold trading, enhance manganese value addition, accelerate power sector development, and modernize Gabon’s railway infrastructure,” according to a statement issued at a ceremony to mark the deal. Henri-Claude Oyima, minister of state, economy, finance and debt, signed on behalf of Gabon.
Gabon announced earlier this month that it will ban the export of manganese ores from 2029 to encourage investment in domestic processing facilities. That decision follows initiatives by other African states including Zimbabwe, Guinea and the Democratic Republic of Congo, which are also trying to develop the capacity to export higher value mineral products.
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