on Africa Finance Corporation (AFC)
Zambia Lobito Rail Project Gains Momentum with US Support
The Zambia Lobito Rail Project, spearheaded by the Lobito Corridor consortium with the Africa Finance Corporation (AFC) as the lead developer, has received a significant boost during US President Joe Biden's visit to Angola. This pivotal infrastructure initiative aims to enhance regional connectivity and economic integration across Southern and East Africa.
AFC President and CEO Samaila Zubairu announced that the greenfield rail project will commence by early 2026, backed by a US$500 million AFC financing commitment. This substantial investment underscores the project's transformative potential, aiming to mobilize over US$1 billion in total financing.
In a strategic move, AFC secured a Memorandum of Understanding with KoBold Metals, ensuring the transport of at least 300,000 tons of copper and related freight annually. Moreover, AFC pledged US$100 million to Kobaloni Energy for developing Zambia's first battery-grade copper sulphate facility, promoting sustainable logistics along the new railway.
R. P.
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