Lobito Corridor to become financial frontier – minister

Angola’s minister of the Economy and Planning Mário Caetano João said Monday in Luanda that the Lobito corridor would be the next frontier of Angola’s economy in view of the new dynamic that would be implemented.

Caetano João announced this at the end of signing ceremony of the funding agreement between Angola and the World Bank (WB).

He underlined the support of the World Bank for development in the private sector and infrastructures to boost the Lobito branch line.

Minister Caetano also highlighted the visit last week made by the African Investment Bank, focusing on rural development and increasing production along the corridor.

Mário Caetano said he was encouraging the International Finance Corporation (IFC) to bring funding to the private sector.

In his opinion, the IFC’s incentive is to “join the development movement of our country.

“We have been seeing an interesting dynamic on the transport sector side, which has managed, in fact, to get the Lobito corridor railway line granted by a consortium,” he concluded.

The Lobito Corridor stretches from the port of Lobito, on the Atlantic Ocean, and crosses Angola from West to East, passing through the provinces of Benguela, Huambo, Bié and Moxico.

Available data show that the port of Lobito, which is located in a total area of 200,000 square metres, has a handling capacity of 3.6 million tons per year.

Lobito Port has six more specialised terminals as well as a dry port and is in the process of being awarded a concession

Source: Angola Press News Agency