AFC Secures $320 Million Deal with Italy to Boost Angola’s Lobito Corridor
Africa Finance Corporation (AFC), a Lagos-based continental financier, will soon sign a $320 million financing agreement with Italy, part of which will support the development of a new transport corridor linking critical mineral fields in central Africa to Angola’s Lobito port, according to AFC CEO Samaila Zubairu.
AFC, owned by African central banks and development lenders, is the financing partner for the U.S.-backed Lobito Corridor project.
The corridor aims to connect the Atlantic port of Lobito in Angola with mineral-rich regions in Zambia and the Democratic Republic of the Congo, helping transport copper and cobalt to global markets.
Speaking to Reuters after the launch of AFC’s annual Africa Infrastructure Report, Zubairu said, “The government of Italy has continued to express their support for the project. There will be a signing event of the facility that they are going to advance for the project.”
He also confirmed that a high-level meeting in Rome focused on the Lobito Corridor will take place in the coming weeks.
The Lobito rail corridor is seen as a strategic initiative to counterbalance China’s influence over copper and cobalt supply chains in the region.
The corridor is expected to facilitate smoother and faster transport of critical minerals from the central African Copperbelt to Western markets.
While a portion of the Italian funding will go directly to the Lobito project, part of it will support AFC’s broader lending operations, though Zubairu did not specify the exact allocation.
AFC typically raises $2 billion to $3 billion annually. So far in 2025, the institution has secured over $1 billion and plans to raise another $1 billion through a syndicated facility to be launched soon.
“We have a huge syndication that we are launching shortly,” Zubairu added, without providing further details.Africa Finance Corporation (AFC), a Lagos-based continental financier, will soon sign a $320 million financing agreement with Italy, part of which will support the development of a new transport corridor linking critical mineral fields in central Africa to Angola’s Lobito port, according to AFC CEO Samaila Zubairu.
AFC, owned by African central banks and development lenders, is the financing partner for the U.S.-backed Lobito Corridor project.
The corridor aims to connect the Atlantic port of Lobito in Angola with mineral-rich regions in Zambia and the Democratic Republic of the Congo, helping transport copper and cobalt to global markets.
Speaking to Reuters after the launch of AFC’s annual Africa Infrastructure Report, Zubairu said, “The government of Italy has continued to express their support for the project. There will be a signing event of the facility that they are going to advance for the project.”
He also confirmed that a high-level meeting in Rome focused on the Lobito Corridor will take place in the coming weeks.
The Lobito rail corridor is seen as a strategic initiative to counterbalance China’s influence over copper and cobalt supply chains in the region.
The corridor is expected to facilitate smoother and faster transport of critical minerals from the central African Copperbelt to Western markets.
While a portion of the Italian funding will go directly to the Lobito project, part of it will support AFC’s broader lending operations, though Zubairu did not specify the exact allocation.
AFC typically raises $2 billion to $3 billion annually. So far in 2025, the institution has secured over $1 billion and plans to raise another $1 billion through a syndicated facility to be launched soon.
“We have a huge syndication that we are launching shortly,” Zubairu added, without providing further details.
