Angola: Multilateral Summit On Lobito Corridor Kick Off

President Joe Biden/ X
President Joe Biden delivers a speech in Angola
4 December 2024
Angola Press Agency (Luanda)

Luanda — The Multilateral Summit on the Lobito Corridor, which is attended by Presidents João Lourenço (Angola), Joe Biden (United States), Félix Tshisekedi (DRC), Hakainde Hichilema (Zambia) and the Vice President of Tanzania, Philip Mpango, started a moment ago in the city of Benguela.

In Benguela, the five leaders will meet at the facilities of the largest factory in the country, with an eye on accelerating the attraction of the necessary investments for the Lobito Corridor, which could connect the Atlantic and Indian Oceans.

The Lobito Corridor is a strategic route of great economic and logistical importance for Angola, neighboring countries and the Southern African region.

It connects the Port of Lobito, located on Angola's Atlantic coast, with the country's inland regions and landlocked countries such as the Democratic Republic of Congo (DRC) and Zambia.

This important corridor serves as an essential route for the export and import of goods, particularly minerals such as copper, cobalt, and other resources mined in the DRC and Zambia. It offers access to the global market, reducing logistics costs for these countries.

With continuous investments and international partnerships, the Lobito Corridor has the potential to become one of the main transport and trade hubs in Africa, it also stimulates the economic growth of Angola's inland provinces.

The United States has invested significantly in the Lobito Corridor, with a recent financial contribution of US$1.3 billion.

This amount was made official in May 2024, as part of agreements signed between the US and Angolan governments.

The funding is earmarked for three major corridor-related infrastructure projects, with a focus on transportation, renewable energy and connectivity

The Port of Lobito, which is an important infrastructure of the Lobito Corridor, is located in Benguela, province, and hence the choice of venue for the event.

In Benguela, US President Joe Biden, who has been in the country since Monday (Dec 2), will be on the last day of his 3-day working visit to Angola. SC/DOJ

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