The Partnership for Global Infrastructure and Investment (PGI) celebrated the signing of finance agreements for Republic of Angola projects, marking a significant step in advancing economic investment priorities. The agreements, totaling over $1.3 billion, will support clean power, radio connectivity, and transportation infrastructure in the Lobito Corridor.
The U.S. government's commitment to these projects was highlighted during a ceremony at the Corporate Council on Africa’s U.S.-Africa Business Summit. These infrastructure initiatives, announced less than a year after President Biden introduced the Lobito Corridor, demonstrate a strong collaboration between the United States and Angola, aiming to create job opportunities in both countries.
In October 2023, a multi-party Memorandum of Understanding was signed involving the U.S. Government, Angola, the Democratic Republic of Congo, Zambia, the European Commission, the African Development Bank, and the Africa Finance Corporation. This agreement paved the way for the development of the Lobito Corridor, including crucial rail infrastructure investments across the participating countries.
One of the key projects involves the Export–Import Bank of the United States providing a record-breaking $872 million in financing for the construction of two solar energy power plants by U.S. developer Sun Africa. These plants are set to generate over 500 megawatts of renewable energy for Angola, contributing to the country's national grid. The initiative, supported by various entities including Power Africa and Prosper Africa, aims to enhance access to electricity and clean water, among other resources.
Another significant project is the $450 million Acrow Bridge initiative, which will see the construction of 186 bridges across Angola to modernize transportation infrastructure. Funding and support for this project come from the Export–Import Bank of the United States, the Private Export Funding Corporation, and Standard Chartered Bank. This project, along with AFC's commercial loan portion, will not only enhance transportation but also improve rural connectivity within Angola and the larger regional corridor.
Additionally, the Angola FM Radio Signal Expansion and Studio Modernization Project, valued at $40 million, will expand analog FM radio coverage to reach 95% of the Angolan population. This project, supported by GatesAir technology, involves the installation of transmitters, antennas, towers, and studio upgrades across the country, in collaboration with Deutsche Bank and the Republic of Angola.
The signing of these agreements underscores the commitment to holistic investment approaches like the Lobito Corridor development, showcasing the potential for economic growth and sustainable business practices. The Corporate Council on Africa's involvement in promoting partnerships between the United States and Africa further emphasizes the shared economic imperatives and growth opportunities between the two regions.
