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The U.S.-Africa Business Summit in Dallas, Texas, 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.
Following last week's U.S.-Africa Business Summit in Dallas, Texas, news has emerged that the Africa Finance Corporation, the Export-Import Bank of the U.S., and the U.S. Private Export Funding Corporation will invest 381.5 million euros (i.e., $413 million) to upgrade Angola's road network. The works will focus on the roads around the Lobito Corridor.
The Africa Finance Corporation ("AFC") will supply 85 million euros, while the American export-import funders will provide the lion's share of the remaining capital. Minority funders also include Standard Chartered Bank, Conduril, and Acrow.
“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.
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Conduril is a leading Portuguese civil engineering firm founded in 1959. Acrow is a U.S.-based bridge construction company having been involved in bridge projects in 150 countries, including 130 bridges in Zambia.
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.
The works, and funding of the works, mark the most tangible evidence of the seriousness of the U.S. government to support ongoing investment in the Lobito Corridor to improve access to the mineral-rich regions which the Lobito Corridor snakes through.
The agriculture sector in Angola is also expected to benefit. The road upgrades will facilitate the production and distribution of essential cereals for both human consumption and animal feed as well as promoting the localization of more aspects of food supply chains.
