Africa Finance Corporation (AFC) has signed concession agreements with the governments of Angola and Zambia for the financing, construction, ownership and operation of the Zambia Lobito Rail Project.
The project involves the construction of a 800-km greenfield rail line connecting Angola’s Benguela rail line to Zambia’s railways, providing the shortest route for exports and imports from Zambia and the DRC. The project will link key mining regions, agricultural clusters and businesses to the Port of Lobito, boosting trade and facilitating the movement of goods across the Copperbelt region and Northwestern Provinces through Angola to western markets.
“The Zambia Lobito Rail Project represents a game-changing development for the region, unlocking tremendous potential for trade, industrialization and socioeconomic growth,” said Samaila Zubairu, President & CEO of AFC.
Alongside the concession agreements, AFC secured a $2-million grant from the U.S. Trade and Development Agency to complete environmental and social studies for the project. The funding will support comprehensive Environmental and Social Impact Assessments to ensure the project meets international standards.