The Lobito Corridor Development and Investment Platform (LCID Platform) will serve as an independent framework to accelerate investment in development-enhancing sectors, including agriculture, infrastructure, health, industry, education and digital inclusion.
The projects will be selected by an independent committee through competitive bidding, and each will be structured into a "special purpose vehicle" (SPV), allowing local and international investors to be involved.
The agreement was formalized during the 17th US-Africa Business Summit, co-hosted by the Angolan government and the Corporate Council on Africa (CCA), with each party — the FSDEA, chaired by Armando Manuel, and the Mitrelli Group, led by Haim Taib — making a commitment of 50 million dollars.
According to the FSDEA chairman, "this agreement reflects Angola's commitment to regional leadership, economic resilience and transformative investment."
With a projected reduction in transport costs of up to 40 percent and an increase in intra-SADC [Southern African Development Community] trade of up to 40 percent, the Lobito Corridor will become one of Africa's most strategic economic arteries," said Armando Manuel, quoted in a company statement.
"This 100 million dollars commitment is a concrete first step in driving a bold and shared vision for Africa's future. This platform is not just about building the railway, it is about building the world around it, because the real drivers of inclusive growth are the 40 million people who live and work along the corridor," said Haim Taib, founder of Mitrelli Group and Menomadin Group, quoted in a company statement.
The businessman also revealed that advanced negotiations are underway for Zambia to join the platform, extending the reach of the initiative beyond the borders of Angola and the Democratic Republic of Congo (DRCongo).
The new platform is open to institutional funds, sovereign partners and private investors who want to contribute capital and know-how, the press release said.
The Lobito Corridor, a railway that connects the Port of Lobito, on Angola's Atlantic coast, to the DRCongo, is seen as a vital infrastructure for the flow of critical minerals for renewable energy, electric vehicles, semiconductors and other strategic industries, at a time when resilient supply chains are essential a priority.
In addition, it aims to connect the Indian Ocean to the Atlantic in the future, crossing Africa from east to west.
