The United States, Zambia, and the Africa Finance Corporation (AFC), have spearheaded efforts to bolster investment in the Lobito Corridor.
The Lobito Corridor, a pivotal economic artery connecting the Democratic Republic of Congo (DRC) and Zambia with global markets through Angola, took center stage at the Partnership for Global Infrastructure and Investment (PGI) Lobito Corridor Private Sector Investor Forum held in Lusaka.
The forum, graced by His Excellency Hakainde Hichilema, President of Zambia, Amos Hochstein, Senior Advisor to President Biden, and Samaila Zubairu, President and CEO of AFC, witnessed the convergence of over 250 prominent business and government leaders from various nations. This gathering symbolized a collective commitment to expedite private sector investment in the Lobito Corridor, aligning with the strategic vision outlined by President Biden at the G7 Summit in Japan.
At the heart of the initiative lies the ambitious plan to revitalize and expand the railway infrastructure within the Lobito Corridor. The proposed Lobito Atlantic Railway (LAR) project, supported by a potential $250 million investment from the U.S. International Development Finance Corporation (DFC), aims to modernize the existing Benguela rail line across Angola.
This transformative endeavor not only promises to slash transport times but also facilitates the seamless movement of goods from mineral-rich regions in the DRC to global markets, significantly reducing carbon emissions in the process.
Furthermore, strategic partnerships and commitments announced during the forum underscored the multifaceted approach towards unlocking the corridor’s immense potential. Initiatives such as the feasibility study grant by the United States Trade and Development Agency (USTDA) for a solar power project in Zambia, along with financing agreements for critical mineral development and clean energy infrastructure, exemplify the diverse avenues of investment envisaged along the Lobito Corridor.
