The objective of this investment – whose approval was given at a meeting of leaders from the Group of Seven (G7), concerns the group of the most industrialized countries in the world (Germany, Canada, USA, France, Italy, Japan and the United Kingdom), and the private domain of the organization, which took place last Thursday – is to promote the sustainable development of projects that will be carried out along the aforementioned line.
When announcing the availability of this funding, Giorgia Meloni, president of the Council of Ministers of Italy and the G7 – cited in a statement, cited by Angop – clarified that this money will be allocated to the construction of a new 800-kilometer railway section.
According to Angop, the new railway section is expected to be inaugurated at the end of next year.
Furthermore, according to the statement, the US also committed to another 250 million dollars in support to modernize the technology and logistics of this corridor, covering advanced security and transport management systems, in order to ensure that the line railway becomes effective, safe, as well as advanced in technological terms.
However, the funding commitments didn't stop there: the UK has also committed to an additional 50 million dollars to support clean energy and transmission infrastructure initiatives, as well as fundraising in geological terms in that corridor.
According to the statement, the surveys are crucial for the identification and efficient use of the region's natural resources, ultimately promoting sustainable progress on the African continent.
For the G7, the Lobito Corridor is an ambitious undertaking that could boost economic growth by facilitating the transport of goods and connecting global and regional markets.
Remember that this corridor will facilitate the mobility of people and goods in Southern Africa. This corridor has four strategic investment axes, namely electrical infrastructure, improving the mobile phone network, expanding 5G connections and building 180 bridges in the country, as well as improving railways at local level, writes Angop.
