A $320 million investment from Italy in the growth of rail infrastructure (Lobito Corridor Development) associated with the Lobito corridor-a 1300 km railway line that helps the connecting of copper belts in Zambia and the Democratic Republic of Congo to the global markets through this great Angola’s Lobito port.
However this development of core rail infrastructure and aligns by the funds,the Alliance for Green Infrastructure in Africa (AGIA)-a initiative to generate ,execute projects and finances with the private sector in this Continent.In addition the AGIA serves as a bridge between the global north and global south,It will highly help to mobile’s capital for infrastructure projects in the this great continent.
This investments is part of this great nation (Italy) main plan for Africa-this initiative targets to make Italy an energy hub to transport natural gas and energy from Africa to Europe.
Italy joins the global partners the United States and the European Union (EU), United State and the European Union (EU) have invested in the project.Italy’s $320 million investments represents an additional financial commitment beyond the European Union (EU) funds and targets to highly support on the developments of economics corridors in the continent.
Moreover, Italy told the gathering it was joining US and EU efforts to promote sustainable development along the Lobito Corridor—committing to strengthen collaboration and mobilize an additional aggregate contribution of up to $320 million in investment in support of the core rail infrastructure and of the related side projects, with a view to additionally creating synergies with the Alliance for Green Infrastructure in Africa (AGIA).
What Entails the Lobito Corridor Development?
The Lobito Corridor is connected by a stretch of railway infrastructure snaking through mineral- and oil-rich parts of Angola, the Democratic Republic of Congo, and Zambia. It connects Southern and Central Africa, and provides access to Eastern Africa and a pathway to the Atlantic Ocean.
Additionally, is typical of the mega infrastructure projects supported by the African Development Bank to ensure Africa attains its stated aim of complete economic transformation, sustainable development and poverty elimination.
Expressing his thanks for being invited to participate at the prestigious G-7 summit, Bank President Dr Akinwumi Adesina told world leaders that the African Development Bank had invested over $50 billion in quality infrastructure in Africa over the past eight years. He stated that the African Development Bank is the continent’s leading financier of infrastructure in Africa.
However, he cautioned that: “Africa has an infrastructure financing gap of $68-108 billion annually.” This needs to be addressed to realise Africa’s ambitions, strongly supported by the G-7, to become a major global economic powerhouse.”
Other Investors to Join the Race for Africa’s Infrastructure Development
In support of the G7’s Partnership for Global Infrastructure and Investment (PGII) goal of mobilizing $600 billion in infrastructure investment in emerging economies, a coalition of US investors highlighted and committed a new billions of dollars in private investment in scaled infrastructure in emerging markets, aligned with PGII priorities.
Furthermore, in a joint statement, the co-chairs welcomed Italy’s renewed commitment to boost development in Africa including by deepening partnerships with African Nations through its Mattei Plan and stressed their commitment to increase coordination between PGII, MPA and the EU’s Global Gateway “to maximize our collective impact as we work to develop transformative economic corridors in Africa.”
Lastly, the Italian Private Sector also added its voice to the growing chorus of those urging greater investment in Africa. In the context of this engagement, the Mattei Plan for Africa has launched new financial instruments in collaboration with the African Development Bank, open to international partners’ contributions.
Also read: US$1.3 Billion Lobito Corridor Development Deal Signed by Angola
US-Based KBR Secures Lobito Refinery Project
Lobito Corridor USA Investment to Amount to US$360 Million
