Luanda: The President of the Republic and Acting President of the African Union, Joo Louren§o, called Tuesday in Luanda for the coordinated mobilization of resources and political will for the sustainable financing of infrastructure in Africa, with a view to consolidating regional and continental integration. Speaking at the opening of the III Summit on Infrastructure Financing in Africa, the Head of State emphasized that the continent’s development challenges require consistent investment and cooperation between the public and private sectors to accelerate Africa’s economic and social transformation.
According to Angola Press News Agency, President Joo Louren§o stressed the need to find innovative financing solutions for the road, rail, port, airport, energy, and telecommunications sectors. The objective is not only to serve each country individually, but above all to promote shared infrastructure, serving regional and continental integration.
On the occasion, the Angolan statesman highlighted the strategic importance of the Lobito Corridor, considering it a vital infrastructure for connecting the interior and coastal regions of Africa, with a direct impact on international trade. He pointed out the significance of the Lobito Corridor for Angola, the Southern African Development Community (SADC) region, and the global economy, as it reduces maritime transportation times between Asia, Africa, Europe, and the Americas, leading to lower costs of exported goods and products.
The Head of State expressed his hope for positive interactions between the public and private sectors, as well as African and international financial institutions, highlighting their role in mobilizing capital and enabling structural projects. The continent still faces an infrastructure financing deficit, estimated by the African Development Bank at between US$130 and US$170 billion.
The Luanda Summit gathers Heads of State and Government, regional leaders, and representatives of multilateral banks to define strategies for cooperation and joint financing of infrastructure projects, considered fundamental to economic growth and continental integration within the framework of the African Union’s Agenda 2063.