US Announces $600 Mln Funding for Angola

US President Joe Biden has unveiled a $600 million investment for Angola’s Lobito Corridor Railway project during his visit to the African nation.

The initiative represents the largest US investment in a foreign railway project to date and aims to modernise 1,300 kilometres of railway tracks connecting Angola, the Democratic Republic of Congo (DRC), and Zambia.

The Lobito Corridor project is set to unlock the region's immense strategic resources, particularly cobalt and copper, which are essential for advancing global clean energy technologies like electric vehicles.

By upgrading this key railway network, the project is expected to significantly boost regional connectivity and economic integration.

Angolan President João Lourenço praised the initiative, emphasising its potential to drive regional development.

He highlighted how the corridor will facilitate small and medium-sized enterprises’ participation in the agriculture, mining, and industrial value chains, fostering economic growth across the Southern African Development Community (SADC) and East Africa.

The upgraded railway system will also reduce shipping times, turning the Lobito Corridor into a major hub for global trade.

Additionally, it will help transition countries in the region from importing to exporting food products, creating a sustainable trade balance.

Congolese President Félix Tshisekedi expressed optimism about the corridor’s transformative potential, noting its ability to create millions of jobs and sustainably reshape the region’s economic trajectory.

The Lobito Corridor Railway is being financed through a strategic partnership between the United States, the European Union, and the G7 nations.