The Angolan government will move forward with the creation of the Lobito Corridor Development Company, a public company aimed at promoting initiatives related to this infrastructure in Benguela province, according to a statement issued today by the Council of Ministers.
The final note of this year’s first session of the Council of Ministers states that the future company, based in the municipality of Lobito, will be responsible for the administration, coordination, supervision, and promotion of economic development activities and initiatives in the Lobito Corridor.
The Lobito Corridor is a 1,300-kilometer railway infrastructure that crosses Angola, connecting the port of Lobito (coast) to the border with the Democratic Republic of Congo, to transport critical minerals from the Copperbelt (DRC) and Kolwezi (Zambia) regions.
The creation of this company will pave the way for the Lobito Corridor to become an effective corridor for economic development, acting as a catalyst for attracting and implementing strategic investment initiatives in sectors such as agriculture, industry, tourism, and services essential for domestic and regional trade.
A company managing this infrastructure, the statement notes, increases Angola’s competitiveness with neighboring countries, “promoting job creation, knowledge and technology transfer, and improving the country’s competitiveness in the global market.”
The Lobito Corridor is operated by Lobito Atlantic Railway (a consortium comprising Portugal’s Mota-Egil, Switzerland’s Trafigura, and Belgium’s Vecturis) and is expected to receive an investment of nearly US$1 billion, partially financed by the Development Finance Corporation (DFC) and the Development Bank of Southern Africa.
The Corridor is also part of the European Global Gateway initiative, with the European bloc announcing a €600 million package through the Partnership for Global Infrastructure and Investment (PGII) developed under the G7.
Source: Angola 24 horas
