Lobito, June 14, 2024 – As part of the Global Infrastructure and Investment Partnership (PGI), the Group of 7 (G7), composed of the world’s most industrialized countries — Germany, Canada, the United States, France, Italy, Japan and the United Kingdom — approved the financing of the Lobito Corridor, during the plenary session held on June 14 in Italy. The decision aims to strengthen coordination between the countries involved, ensuring an effective implementation of this strategic partnership.
On the occasion, Italy committed to mobilize approximately USD 320 million for the development of the Lobito Corridor. This corridor is vital for regional connectivity, covering Angola, the Democratic Republic of Congo and Zambia, interconnected by the Benguela Railways.
PGI’s investment in the Lobito Corridor focuses on four main strategic axes:
- 1. Electrical infrastructure: Expansion and modernisation of energy networks.
- 2. Telecommunications: Improvement of the mobile phone network and expansion of the 5G connection.
- 3. Transport infrastructure: Construction of 180 bridges in Angola and improvements in railways.
- 4. Regional food hub: Development of Angola as a strategic food hub for the region, with funding for the construction and acquisition of infrastructure for the storage of food products. This axis is being coordinated by the Cart Group.
This decision by the G7 is a source of great pride and satisfaction for our country and, in particular, for our organization, which is committed to aligning its activity in line with the vision of the G7. The initiative will not only boost food security, but also promote social and financial inclusion.
Since the launch of the PGI, the United States has mobilized more than $60 billion in grants, loans, and investments for infrastructure projects, with the goal of reaching $200 billion by 2027 and $600 billion in collaboration with G7 countries. More information about this program can be found here.
