Washington: The minister of Transport, Ricardo de Abreu, highlighted on Monday the potential of the Lobito Corridor as a crucial infrastructure for the development of the countries of the southern region and their integration into the global context. The Angolan official was speaking during a meeting with North American business and financial entities interested in investing in Africa, linked to the Atlantic Council group, as part of the spring meetings of the IMF and World Bank Group, which runs until Saturday in this city.
According to Angola Press News Agency, the US business consortium expressed interest in investing in the Lobito Corridor. Ricardo de Abreu stated that the Angolan Government has been making significant investments in infrastructure, aiming to impact the lives of its citizens and the region positively. He emphasized the development of railway infrastructure and the maximization of logistics transport for Angola’s economic diversification, based on this Corridor.
The minister presented to the North American businesspeople the opportunities along the Corridor, mainly in the manufacturing and processing industry, as well as in tourism. He highlighted the increasing involvement of the private sector in this regional project, noting that partners have already made several investments with shareholders’ capital to improve infrastructure and quality of transport, including carriages and containers, and in the professional training of technicians.
According to the minister, the Lobito Corridor currently operates one daily transnational train service, which should increase to six in the next three years. The goal for this year is to process around 400,000 tons of transnational goods, underscoring the importance of the Lobito Corridor.
Ricardo de Abreu also mentioned that the International Finance Corporation (IFC) and the Angolan Government are developing the rail link to Zambia, with a USD 4.5 billion global investment for the construction of an 800-kilometer line. The IFC has already mobilized USD 400 million, with the project’s first stone to be laid next year. Fundraising to support the project is underway, already receiving contributions from African investors.
On the occasion, the minister of Finance, Vera Daves, reiterated the opportunities and advantages of investing in the Lobito Corridor, as well as the Angolan Executive’s vision of diversifying sources of financing without impacting the balance of public finances.