Lobito Corridor's Road Network Upgrade

Objective

“This landmark project is set to transform the country’s road transportation infrastructure as Angola makes strides to diversify its economy away from oil", said Sanjeev Gupta, AFC' board member and Head of Financial Services.

Description

The road works will concentrate around the Lobito Corridor sections of Angola to provide better linkages to Zambia and the DRC. A total of 186 bridges will be repaired and built.

History

The U.S.-Africa Business Summit in Dallas, Texas in 2024, announced a €381.5 million investment to upgrade Angola's road network, focusing on the Lobito Corridor. The Africa Finance Corporation (AFC) will contribute €85 million, with the rest funded by the Export-Import Bank of the U.S. and the U.S. Private Export Funding Corporation. Additional support comes from Standard Chartered Bank, Conduril, and Acrow. This project will improve 186 bridges and boost agriculture by enhancing access to mineral-rich regions, aiding in the diversification of Angola's economy.

Finance