Africa Finance Corporation signs concession agreements with the governments of Angola and Zambia for the railway project.

Signed yesterday at a ceremony hosted by US Secretary of State Antony J. Blinken and the government’s G-7 Partnership for Global Infrastructure and Investment (PGI), the memorandum paves the way for the Corporation to lead and complete the development of the railway.

A memorandum of understanding for the concession for the railway link between Angola and Zambia was signed this Tuesday, 24, in New York, between the Angolan Ministry of Transport and the Africa Finance Corporation.

The agreements signed yesterday at a ceremony hosted by US Secretary of State Antony J. Blinken and the Biden administration’s G-7 Partnership for Global Infrastructure and Investment (PGI) on the sidelines of the 79th session of the UN General Assembly (UNGA 79), paves the way for the Corporation to lead and complete the development of the railway.

Concession agreements for the financing, construction, ownership and operation of the transformational rail project were signed with Africa Finance Corporation (AFC), the continent’s leading provider of infrastructure solutions, by Angolan Transport Minister Ricardo Viegas d’Abreu and Zambian Transport Minister Frank Tayali.

Angolan Transport Minister Ricardo Viegas d’Abreu said the partnership with Africa Finance Corporation is a transformative project that will deepen our nation’s role as a regional logistics hub, boosting trade not only with Zambia but with the rest of the world.

This project is a significant step towards improving transport infrastructure in the region, facilitating trade and mobility between the two countries, he stressed.

The Honourable Minister of Transport of Zambia, Mr. Frank Tayali MP, said that the Zambia Lobito Railway Project is an important milestone in our efforts to modernize infrastructure, increase the competitiveness of our economy and improve the livelihoods of both countries. We look forward to partnering with Africa Finance Corporation to deliver this groundbreaking project.

For his part, the President and CEO of Africa Finance Corporation, Samaila Zubairu, said that the Zambia Lobito Railway Project represents a game-changing development for the region, unlocking tremendous potential for trade, industrialization and socio-economic growth.

“AFC is proud to partner with the governments of Angola and Zambia to deliver world-class railway infrastructure that will accelerate industrial development in Africa, promote regional integration and provide a vital export route for copper and other minerals critical to the global energy transition,” he added.

The corridor will provide a strategic alternative route to international export markets for Zambia and the DRC. It will provide the shortest route for export and import, linking key mining regions, agricultural clusters and businesses in Zambia and the DRC to the Port of Lobito. It will significantly facilitate the movement of cargo from the Copperbelt and North West provinces, via Angola to Western markets.

AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investment across Africa. AFC’s approach combines specialist sector expertise with a focus on financial and technical advisory, project structuring, project development and venture capital to meet Africa’s infrastructure development needs and drive sustainable economic growth.