Angola has announced a $753 million (€653 million) financing package from two international financial institutions to modernize 1,300 kilometers of railway along the Lobito Corridor. The Ministry of Transport revealed that the funds will be managed by Lobito Atlantic Railway (LAR), the concessionaire overseeing the corridor’s development.
The Lobito Corridor is a critical infrastructure linking the Port of Lobito in Benguela province to the border of the Democratic Republic of Congo. The modernization aims to boost trade and regional integration, particularly for mineral exports from the DRC.
The financing includes $553 million from one institution, with the remaining $200 million from another, though the names of the lenders were not disclosed. The project is expected to enhance logistical efficiency and economic growth in southern Africa.
Article source: jornalf8.net | Image credit: Informanté
