The Angolan government is seeking $4.5 billion in funding for an extension of the Lobito Corridor railway project to reach Zambia’s Copperbelt region.
The request marks a significant increase from the previous $1.6 billion estimation by the African Development Bank (AfDB) in 2024, though the Africa Finance Corporation, which is overseeing the project, has avoided putting an official price tag on its development, Mining.com reported.
Zambia and DR Congo produce more than 13% of the world’s copper, however, it can take weeks for the metal to reach ports from the Copperbelt region. The 830km Zambian extension of the 1,300km Lobito railway line aims to create a more efficient export route that bypasses congested transit lines through South Africa, Mozambique, and Tanzania.
The US-backed project is also seen as a significant counterbalance to Chinese-led investment on the continent.
Funding has been slow: A $533 million US loan for the Angolan section in 2024 has yet to be disbursed. However, Italy recently committed $320 million, and the AfDB has committed a further $500 million to the Zambia extension. Construction is expected to begin next year.