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New agreements to advance the Zambia Lobito Rail Project

The railway is expected to create economic benefit of approximately US$3bn. (Image source: Adobe Stock)

The Africa Finance Corporation (AFC) has signed concession agreements with the governments of Angola and Zambia in a boost for the Zambia Lobito Rail Project

This project includes the construction of approximately 800 km of greenfield rail line connecting the Benguela rail line in Luacano to the existing Zambia Railways Line in Chingola. This will greatly improve the efficient movement of goods, while promoting investments in agriculture, health, digital infrastructure, mining, and electricity access along the corridor.

Last year, AFC was appointed lead developer on the Zambia Lobito Rail Project in collaboration with the United States Government, the EU, the African Development Bank and the governments of Angola, the DRC and Zambia. The new agreements are for the financing, construction, ownership and operation of the project and were signed on the sidelines of the 79th UN general Assembly.

“The Zambia Lobito Rail Project is an important milestone in our efforts to modernise infrastructure, enhance the competitiveness of our economy, and improve the livelihoods of our people,” said Frank Tayali MP, Minister of Transport for Zambia. “We look forward to partnering with Africa Finance Corporation to deliver on this groundbreaking project.”

AFC also signed an agreement to receive US$2mn grant funding from the United States Trade and Development Agency (USTDA) for the completion of the environmental and social studies for the project.

“The Zambia Lobito Rail Project represents a game-changing development for the region, unlocking tremendous potential for trade, industrialisation, and socio-economic growth,” remarked Samaila Zubairu, president & CEO of AFC. “AFC is proud to partner with the governments of Angola and Zambia to deliver worldclass rail infrastructure, which will accelerate industrial development in Africa, promote regional integration and provide a vital export route for copper and other critical minerals for the global energy transition.”

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