The African Development Bank (AfDB), headquartered in Côte d'Ivoire, has signed a memorandum of understanding with the Africa Finance Corp (AFC), the European Commission, and the governments of Angola, the Democratic Republic of the Congo (DRC), Zambia, and the U.S. to raise funds exceeding $1.5 billion for the Lobito Corridor and Zambia-Lobito transit projects. The initiative aims to connect the DRC and Zambia to regional and global markets through Angola. Under this agreement, the AfDB will contribute $500 million, with the AFC serving as the project developer.
The collaboration between the AfDB, AFC, and various governments, including Angola, the DRC, Zambia, and the U.S., seeks to advance regional integration, trade, and economic development by enhancing infrastructure connectivity, digital access, clean energy supply chains, and agricultural value chains. This partnership underscores the importance of both Western and African capital in driving critical infrastructure development for rural healthcare, electrification, and economic competitiveness in the region.