Biden commits $600m to Lobito Corridor

By Masauso Mkwayaya

U.S. President JOE BIDEN has announced a 600 million U.S. Dollar funding package for infrastructure projects along the Lobito Corridor.

This brings the total U.S. investments in the project to over 4 billion Dollars.

President BIDEN says together with contributions from G7 partners and regional development banks, international investment in the Lobito Corridor has now surpassed 6 billion Dollars.

The new funding would primarily support the Zambia-Lobito rail project.

The 800-kilometer greenfield railway, being built from scratch, will link Angola and Zambia for the first time.

President BIDEN says the project has already begun making an impact, reducing the time to transport cargo from the DRC to the Port of Lobito from 45 days to just 45 hours.

President BIDEN says the investments would be directed toward both new and ongoing projects aimed at unlocking the economic potential of the Corridor.

And addressing the Summit, President HICHILEMA thanked President BIDEN for his leadership in mobilizing capital for the project.

President HICHILEMA described the project as a significant opportunity for investments in critical minerals.

He said the project will attract technology to enable cleaner mineral extraction, crucial in combating climate change.

And Angolan President JOAO LOURENCO said the corridor would enable small-scale enterprises to participate in the business value chain anchored on the railway.

Democratic Republic of Congo-DRC- President FELIX TSHISEKEDI and Tanzania’s Vice President PHILIP MPANGO also addressed the Summit.

Earlier, the Presidents toured the Port of Lobito.