Biden announces $600 million for Angola’s Lobito Corridor

LOBITO, December 5, 2024 – US President Joe Biden announced that the US would be providing new funding of around USD 600 million for infrastructure projects along the Lobito Corridor, the president announced at the Lobito Trans-Africa Corridor Summit in Lobito, Angola, on Wednesday.

The summit was further attended by other African leaders involved in the international corridor, including Zambian President Hakainde Hichilema, DRC President Felix Tshisekedi and Tanzanian Vice-President Philip Isdor Mpango.

The US also provided a USD 550-million loan in April in support of the rail project, and according to The White House, the USA has provided a total of around USD 4 billion in investments related to the corridor.

The Lobito Corridor will expand the minerals export capacity of DR Congo and Zambia while enhancing Angola’s position as a regional and global logistics hub for trade in general, and the trade of energy transition minerals in particular.

As the project serves as a counterpart to China’s Belt and Road global infrastructure investment programme, it has won support from the USA and EU. The US government aims to play a stronger role in African infrastructure development given China’s domination in this realm over the past two decades.

Photo courtesy of The White House

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