MUSCAT, SEPT 24
African Bank of Oman (ABO) has signed a financing and investment cooperation agreement with Angola’s Special Economic Zone Luanda-Bengo (ZEE), marking one of its first significant partnerships since the Oman-backed banking platform was formally launched in Luanda earlier this year.
The Memorandum of Understanding (MoU), signed last week, establishes a framework for ABO to help identify, structure and finance industrial and other investment projects within the economic zone, while supporting investors seeking to establish operations there.
The agreement was signed by António Dinis Mendes, CEO of African Bank of Oman, and Manuel Francisco Pedro, Chairman of the Board of Directors of ZEE.
Mendes said the agreement came just hours after Angolan President João Lourenço, alongside His Majesty Sultan Haitham bin Tarik, highlighted the establishment of African Bank of Oman as one of the tangible outcomes of growing bilateral relations between Angola and Oman. “The MoU strengthens our position to structure and finance industrial projects inside the zone,” Mendes said, noting that it forms part of the broader investment momentum accompanying the Royal visit.
“This is what the corridor we set out to build looks like when it starts moving,” he added, referring to ABO’s ambition to develop financial and investment linkages between Oman, the Middle East and Africa.
According to ZEE Chairman Manuel Pedro, the partnership will support the identification, structuring and promotion of investment initiatives, while facilitating financing solutions for projects and investors operating or planning to establish a presence in the zone.
Areas of cooperation include project finance, trade finance and financial advisory services, alongside information sharing and investment promotion.
The two sides also envisage business meetings, investment missions, capacity-building programmes and other activities designed to attract capital into the zone. The agreement represents an early implementation milestone for ABO, which was formally launched in Luanda in April 2026 as a specialised financial platform supporting trade and investment flows between Africa and the Middle East.
Licensed and regulated by the National Bank of Angola, ABO focuses on corporate and institutional clients, including major corporations, multinational companies, government entities and international investors. Its priority sectors include energy, mining, infrastructure, agriculture, logistics, telecommunications and industry.
At its launch, Mendes said the bank was designed to play a “catalytic role” in facilitating cross-border capital and trade flows through structured financial solutions and stronger connectivity between African and Middle Eastern markets.
The agreement also coincides with a broader expansion in Oman-Angola economic ties. During His Majesty Sultan Haitham bin Tarik’s visit, the two countries announced agreements and investment initiatives valued at more than $1.5 billion spanning industry, mining, energy, ports, agriculture and food security.
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