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Africa Finance Corporation (AFC)-led Zambia Lobito Rail Project receives boost from Biden visit to Angola

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Africa Finance Corporation

The project is led by the Lobito Corridor consortium, with AFC as the as lead developer, working in partnership with the US Government

LUANDA, Angola, December 5, 2024/APO Group/ —

  • Lobito rail project will break ground by early 2026, AFC CEO Zubairu says at Presidential forum
  • AFC commits up to US$500m in financing for Zambia-Lobito greenfield rail
  • AFC announces MOU with Kobold Metals as anchor client, guaranteeing at least 300,000 tons of copper and related freight per year
  • AFC pledges US$100 million to Kobaloni Energy for Zambia’s first battery-grade copper sulphate facility

The Zambia-Lobito Rail project received pivotal support from US President Joe Biden’s just concluded visit to Angola, with the Africa Finance Corporation (AFC) (www.AfricaFC.org) as the lead developer announcing a series of commitments that underscore the project’s urgency and transformative potential to deliver economic benefits that transcend borders.

In a speech at the Lobito Corridor Leaders Summit, co-hosted by President Biden and President Joao Lourenço of Angola, and attended by Presidents of the Democratic Republic of the Congo (DRC) and Zambia, Vice President of Tanzania and representation from the private sector, AFC’s President and CEO Samaila Zubairu announced that the Zambia-Lobito greenfield rail project will break ground by early 2026. AFC is committed to mobilising $500 million in financing through various financial instruments, Mr. Zubairu said, bringing overall project financing to over $1 billion.

Among a series of additional announcements, Mr. Zubairu said AFC has established a Memorandum of Understanding with critical minerals enterprise KoBold Metals as an anchor client, securing a minimum of 300,000 tons of copper and related freight annually. AFC has also committed $100 million to Kobaloni Energy to support Zambia’s first battery-grade copper sulphate facility, ensuring sustained movement of cargo on the new railway.

“This project symbolizes what Africa’s leadership, together with our global partners, can achieve when we unite behind a shared vision,” Mr. Zubairu said in his speech at the forum. “It is not just about railways or minerals or food security — it is about fostering partnerships, creating jobs, and driving a sustainable future for Africa and the world.”

The Lobito Corridor will connect the Port of Lobito on Angola’s Atlantic coast with Zambia through modernized rail infrastructure. Plans are underway to extend connectivity to Tanzania’s Port of Dar es Salaam, linking the Atlantic and Indian Oceans, and strengthening regional trade and integration across East and Southern Africa.

This project symbolizes what Africa’s leadership, together with our global partners, can achieve when we unite behind a shared vision

AFC intends to collaborate with other multilateral development banks and financial institutions to develop instruments that attract global institutional capital. Additionally, AFC will engage African pension funds to invest, promoting generational sustainability.

The summit showcased significant progress in the development of the Lobito Trans-Africa Corridor. The project is led by the Lobito Corridor consortium, with AFC as the as lead developer, working in partnership with the US Government, the European Union, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia.

“The rapid pace at which we are moving reflects the urgency of the type of development Africans are demanding from their leaders, and the conviction of this consortium to execute,” Mr. Zubairu told the summit. “The Lobito Corridor is more than just a rail line—it is an economic corridor that provides a lower-cost, lower-carbon gateway to African integration and global competitiveness.”

At the 79th UN General Assembly (UNGA) in September, AFC achieved a major milestone by signing   concession agreements with the Governments of Angola and Zambia to extend the Lobito railway through Zambia’s Copperbelt. This entails the construction of an 830km greenfield rail line connecting the Benguela rail line in Lucano, Angola, to the existing Zambian rail line in Chingola. Simultaneously, AFC received grant funding from the US Trade and Development Agency (USTDA) towards completion of the environmental and social impact assessment for the project. These achievements, realised within one year of the 7-party MoU signed at the Global Gateway Forum in Brussels in 2023, highlight AFC’s catalytic role in driving the project’s rapid progress.

Once completed, the Lobito Corridor will offer the fastest and most efficient route for exports and imports, linking key mining regions, agricultural clusters and businesses in Zambia and DRC to the Port of Lobito, Mr. Zubairu said. The rail link will cut travel time from the Copperbelt to international markets from 45 days to just seven, significantly lowering costs. Shifting freight from road to rail will reduce emissions by at least 300,000 tons of CO2 annually, underscoring Africa’s leadership in the global energy transition and efforts to decarbonize the battery minerals value chain—particularly in producing battery precursors for both American industries and global markets, Mr. Zubairu told the summit it will also catalyse opportunities in ecotourism, agribusiness, and power transmission lines.

Beyond the greenfield railway, AFC is the Financial Advisor for the Lobito Atlantic Railway (LAR) consortium, concessionaires of the existing Benguela railway stretching across Angola and into the Democratic Republic of Congo.

Click here (https://apo-opa.co/49l5UUO) for a replay of the Lobito Corridor Leaders Summit.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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