The agreement between the Israeli company Mitrelli and the US company Hydro-Link was signed on Monday during the 17th US-Africa Business Summit and also includes the creation of Special Economic Zones (SEZs) near the line and linked to the Lobito Railway Corridor, "promoting industrialization and local economic dynamism", according to a statement from the company.
"This project is of strategic importance, not only because it strengthens energy relations between Angola and the Democratic Republic of Congo (DRC), but also because it plays a key role in creating local jobs, developing industrial platforms and providing reliable energy to support the region's inclusive economic growth", Mitrelli said.
According to the financial information agency Bloomberg, this agreement between the two companies is worth 1.5 billion dollars and will also be formalized on Tuesday with the Angolan government.
Quoted in the statement, Mitrelli Group Chairman Haim Taib described the partnership as "a strategic commitment to boost the regional economy" and a "long-term commitment to sustainable development in Africa," highlighting that access to energy "creates real opportunities for communities and promotes local development."
In turn, Paul Hinks, CEO of Hydro-link, noted that the mining industry in the DR Congo "is constrained by an unreliable energy supply" and that the partnership aims to "ensure access to clean and affordable energy."
Mitrelli Group has been in Angola for several decades, with a presence in various sectors including infrastructure, health, energy and education, financing and executing large-scale projects.
