Angola: African Consortium Makes U.S.$500 Million Available for Lobito Corridor

4 December 2024
Angola Press Agency (Luanda)

Benguela — The Africa Finance Corporation (AFC) consortium is to grant a financial boost of 500 million US dollars for social impact investments to boost the development of the Lobito Corridor in Benguela province.

This was announced on Wednesday by the Chairman of the Board of Directors of this financial institution, Andrew Alli Samaila, while speaking at the Multilateral Summit on the Lobito Corridor in Benguela city.

The forum on the important regional infrastructure brought together the presidents of Angola, João Lourenço, the United States of America, Joe Biden, Zambia, Hakainde Hichilema, the Democratic Republic of Congo, Félix Tchissekedi, the vice-president of Tanzania, Philip Mpango, and representatives of international institutions.

Andrew Alli Samaila said the investment reflects confidence in the transformative power of the Lobito Corridor project, which transcends borders and that AFC will use its pension fund to generate more sustainability, partnering with other development banks to raise capital.

The institution is deeply involved in the development of the Lobito Corridor, a strategic initiative that seeks to improve transportation infrastructure in southern Africa, particularly connecting Angola, Zambia and the Democratic Republic of Congo (DRC).

The Africa Finance Corporation has been appointed as the project's main developer, leading construction and financing initiatives.

These efforts aim to turn the corridor into an engine of economic growth, facilitating the transportation of critical minerals and boosting intra-African and global trade.

The initiative also strengthens regional integration and promotes sustainable development.

Kobold Metals

The president of the mining company Kobold Metals, Josh Golfman, highlighted the importance of the Lobito Corridor, pointing out that the California-based institution is pleased to establish partnerships with the countries that are part of this area.

"We work with our partners every day and together we are going to create thousands of jobs and inter-African trade," he said.

Founded in 2018, Kobold Metals' main focus is the discovery of essential minerals for batteries, such as cobalt, nickel, copper and lithium, which are crucial for renewable energy technologies and electric vehicles.

The company uses artificial intelligence and advanced data science to improve efficiency and accuracy in mineral exploration. Among its proprietary technologies are tools such as Machine Prospector. AFL/VC/TED/AMP

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