Angola and US Sign Financing Agreements for Lobito Corridor Development
Angola and the United States of America inked financing agreements worth $1.3 billion in Dallas on Tuesday for the development of the Lobito Corridor, a key beneficiary of the Global Investment and Infrastructure Partnership (PGI).
The signed documents, exchanged between Angolan Finance Minister Vera Daves and Reta-Jo Lewis, President of the US Export-Import Bank (EXIM Bank), will fund three infrastructure projects associated with the Lobito Corridor. Additionally, they target investments in clean energy, connectivity, radio signal expansion, and transport infrastructure.
President João Lourenço, who attended the event, emphasized the significance of these projects, noting their direct impact on Angolan communities and their potential to diversify the national economy, with positive spill-over effects on the economies of the SADC region.
Lourenço highlighted the priority status of projects related to the Lobito Corridor, stressing their role in promoting trade along the corridor.
The President of EXIM Bank underscored the institution’s commitment to increasing investments in Sub-Saharan Africa. These agreements mark the largest PGI financing package supported by the US for any country since the initiative’s inception.
