Luanda: President João Lourenço on Wednesday emphasized Angola’s dedication to respecting its obligations and commitments to international partners. Speaking at the Multilateral Summit on the Lobito Corridor, the Angolan Head of State highlighted that the nation is in a phase of peace and stability, and it is steadfast in meeting its commitments at both the institutional level and toward investors who have chosen Angola as a business destination.
According to Angola Press News Agency, President Lourenço underscored the strategic significance of the Lobito Corridor, which includes the Port of Lobito and the Benguela Railway. In the 1970s, this corridor was one of the most profitable railways globally, transporting 3.3 million tons of cargo annually. He expressed plans to optimize this infrastructure to become part of an international and transcontinental route, effectively linking continents and reducing transport times along with maritime and rail freight costs.
The Angolan leader highlighted the corridor’s
strategic importance for boosting intra-African trade within the African Continental Free Trade Area and contributing to global trade. He recalled the concession contract for the Lobito Corridor’s management, signed in July 2023 with partners DRC and Zambia, and a private consortium of companies known for their capacity.
Lourenço also noted that following the US/Africa Leaders’ Summit in December 2022 in Washington DC, where the Biden administration committed to supporting infrastructure development in Africa, the Lobito Corridor project began to take shape. This was further propelled by a joint declaration from the US and the European Union during the G20 Summit in India in 2023, focusing on partnerships for infrastructure and global investment.
The Angolan president sees the Lobito Corridor as a catalyst for economic development, facilitating the increased participation of small and medium-sized enterprises in business value chains, particularly in agriculture, industry, and mining. He called upon the Afr
ican nations involved, investors, and the business consortium holding the concession to take necessary actions to realize the project.
President Lourenço believes the corridor will positively impact international maritime and rail transport, international trade, energy transition and security, food security, and the global economy at large. The Multilateral Summit on the Lobito Corridor was attended by Presidents João Lourenço (Angola), Joe Biden (USA), Félix Tshisekedi (DRC), Hakainde Hichilema (Zambia), and the Vice-President of Tanzania, Philip Mpango.