Angola and the US have signed an agreement for the financing of three major infrastructure projects in the Lobito Corridor totalling over US$1.3 billion.
The deal is part of a plan by the US, the European Commission, the African Development Bank, the Africa Finance Corporation, Angola, the Democratic Republic of Congo, and Zambia to develop the Lobito Corridor – a 1,300-kilometre railway line connecting Angola and the Atlantic Ocean.
Under the agreement, the US Export-Import Bank (EXIM) will provide US$872 million to Angola for the construction of two solar power plants with the capacity to generate more than 500 megawatts of renewable energy.
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Constructed by US developer Sun Africa, the project will improve access to electricity, clean water, and irrigation systems across Angola.
The US$450 million Acrow Bridge project will meanwhile oversee the engineering, procurement and construction of 186 bridges in the country, while a US$40 million investment will supply 168 Flexiva FM transmitters, installation of antennae, towers, auxiliary RF systems and studio upgrades. Radio is a thriving medium in Africa, including in Angola where it still outpaces social media and the internet as a news source.
The Lobito corridor is an attempt by the US and EU to secure a supply of critical raw materials and valuable minerals in their belated bid to catch up with rival China, which currently has advanced supply chains in Africa for the likes of cobalt and lithium. Experts say the corridor may be “coming too late in the day,” however.
