Benguela – President João Lourenço on Wednesday stressed that Angola is committed to respect its obligations and commitments to international partners.
Speaking at the Multilateral Summit on the Lobito Corridor, the Angolan Head of State stressed that his country lives in a situation of peace and stability and is determined to fulfill its obligations both at institutional level and at the level of investors who have chosen it as a business destination.
João Lourenço highlighted the strategic importance of the Lobito Corridor which, with the Port of Lobito and the Benguela Railway, was one of the most profitable railways in the world in the 1970s, transporting 3.3 million tons of cargo a year.
“We are planning to optimize this important infrastructure as an integral part of an international and transcontinental route capable of linking the ocean to everyone and thus safely connecting the American, European, African and Asian continents with gains in transport times and maritime and rail freight costs,” Lourenço said.
The Angolan president stressed the project’s strategic importance, since it will help boost intra-African trade in the context of the African Continental Free Trade Area and world trade in general.
João Lourenço recalled that the concession contract for the management of the Lobito Corridor was signed in July 2023 with the partners DRC and Zambia, with a private consortium made up of companies of recognized capacity.
According to João Lourenço, with the US/Africa Leaders' Summit held in December 2022 in Washington DC, at which the Biden administration announced its commitment to supporting the construction and reapplication of infrastructure in Africa, the Lobito Corridor began to materialize as a result of the joint declaration by the US and the European Union, on the sidelines of the event on partnerships for infrastructure and global investment during the G20 Summit held in India in 2023.
For João Lourenço, the Lobito Corridor will be a driving force for economic development that will enable the growing participation of small and medium-sized companies in business value chains, especially in agriculture, industry and mining.
The Angolan president highlighted the corridor as an undeniable fact, having urged African countries directly involved and investors and the business consortium that has the concession to promote the actions that are needed to bring this important project to fruition.
For President João Lourenço, the corridor will have a positive impact on international maritime and rail transport, international trade, energy transition and security, food security and, in general, the world economy.
The Multilateral Summit on the Lobito Corridor was attended by Presidents João Lourenço (Angola), Joe Biden (USA), Félix Tshisekedi (DRC), Hakainde Hichilema (Zambia) and the Vice-President of Tanzania, Philip Mpango.ART/TED/AMP
