Africa Monitor Intelligence
Angola: Gemcorp Profits from Infrastructure
Gemcorp has financed the Angolan state in several large-scale operations since the presidency of JOSÉ EDUARDO dos SANTOS. It stood out as one of the largest sources of liquidity in 2014 and 2015, when the state's financial needs began to worsen, and while the government resisted a financing agreement with the International Monetary Fund (IMF). AB's finance company has been reinforcing its influence during JOÃO LOURENÇO's (AM 1233) term, diversifying the nature of its operations, and in 2020 signed an agreement with Sonangol for the construction of the Cabinda refinery.