Luanda – Angola, Zambia, Democratic Republic of Congo (DRC), United States of America, African Development Bank (BDA) and the Africa Finance Corporation on Wednesday in the city of Brussels, Belgium, signed a Memorandum of Understanding aiming to mobilise financial resources to speed up the development of the Lobito Corridor.
The signing of the document is part of the commitment to create the Partnership for Global Infrastructure Investment (PGI) agreed at the G20 Summit held in New Delhi, India, in September this year.
According to a press release, the signing session was attended by Angola's Minister of State for Economic Coordination, José de Lima Massano, European Union Commissioner Jutta Urpilainen, as well as representatives from the US, the DRC, Zambia, Africa Finance Corporation and African Development Bank.
The Memorandum of Understanding clarifies the collaboration between the different partners involved and defines the tasks and objectives for the development of the Lobito corridor, adding that it is also based on the transmission of technical knowledge, mobilisation of investments to digitise processes and boost agricultural value chains that will increase regional competitiveness through this Corridor.
According to the document, co-operation has three different areas, namely investments in transport infrastructure, measures to facilitate trade, economic development and transit, as well as support for sectors aimed directly at promoting comprehensive and sustainable economic growth in the three African countries in the long term.
However, at the time that the project is in operation, the Lobito corridor will increase the possibilities to import goods to Angola, Zambia and DRC, to drive circulation of goods and promote movement of citizens and also to contribute to the increase and valorisation of trade among African countries.
The Lobito Railway Corridor stretches almost 1,300 kilometres in Angola and continues for another 400 kilometres in the Democratic Republic of Congo (DRC) to Kolwezi, the heart of the Copperbelt, and is also linked to the extensive railway network managed by the National Railway Society of Congo (SNCC).
The 30-year concession for this infrastructure is held by the Lobito Atlantic Railway consortium, a joint venture made up of Trafigura Pte Ltd (Trafigura), Mota-Engil Engineering and Construction Africa SA and Vecturis SA, an independent railway operator.
QCB/AC/MRA/jmc
