Cape Town – Angola’s road and bridge infrastructure servicing the railway line from the port of Lobito to the east of the country are set to undergo a €365.5 million upgrade.
The commercial financing of the project is being led by the Africa Finance Corporation, which has pledged to commit €85 million. Other partners include the Export-Import Bank of the US and the US Private Export Funding Corporation, while the funding will be structured and co-ordinated by Standard Chartered Bank, reports Engineering News.
The financing was confirmed at a recent US-Africa business summit in Texas.
The work to be undertaken in part by Portuguese civil engineering firmCondurilincludes building 186 bridges and enhancing Angola’s road network. US bridge builder Acrow will supply the bridges.
The goal of the project, initiated by the country’s Department of Public Works, Urban Planning and Housing, is to improve accessibility to rural areas, especially for farmers, foster job creation and stimulate industrial and commercial activities, according to Energy, Capital & Power.
Under @POTUS the US is going BIG on infrastructure investments around the world. In the Lobito Corridor in Angola, hear how a US-supported railway is about far more than transportation: pic.twitter.com/b3c6lXk8jq
— Samantha Power (@PowerUSAID) April 26, 2024
Southern Africa’s Freight News argues the project is an indication of heightened US interest in the Lobito Corridor, which will provide improved access to Angola’s copper mines in Solwezi and Kolwezi and mineral resources in the DRC and Zambia.
The 1 300 km Corridor stretches from the port in the west of the country to Luau on the north-eastern border with the DRC and within close proximity to Zambia.
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