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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).

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Hainan FTP marks 6-month milestone of special customs operations, signs deals during Hong Kong visit

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Hong Kong

HONG KONG SAR – Media OutReach Newswire – 29 June 2026 – As the Hainan Free Trade Port (FTP) marked the six-month milestone since the launch of its full special customs operations, a Hainan provincial delegation wrapped up a three-day visit to Hong Kong. During the visit, the delegation signed deepened cooperation agreements with several major local chambers of commerce and promoted the latest policies introduced since the island-wide special customs operations took effect.

According to data released by Hainan Province during the visit, Hainan’s foreign trade has surged since the launch of special customs operations. As of June 17, the province’s total goods imports and exports reached RMB 173.98 billion (approximately US$24 billion), up 54.6% year on year. Imports of zero-tariff goods hit RMB 2.645 billion, a 120% jump that generated tariff savings of RMB 440 million. A total of 172,100 new market entities were registered—a 61% increase—including 1,240 foreign-invested enterprises. Zero-tariff items now account for 74% of all tariff lines, benefiting more than 12,000 market entities.

During the Hong Kong visit, China Council for the Promotion of International Trade Hainan Provincial Committee (CCPIT Hainan) signed separate deepened cooperation MOUs with the Chinese General Chamber of Commerce, Hong Kong and the Hong Kong General Chamber of Commerce. Under the MOUs, the parties will establish a regular liaison mechanism for the periodic exchange of economic and trade information, and will promote collaboration in areas including professional services, green finance, the digital economy, supply chain management, and cultural tourism. Mutual enterprise service desks will be set up to provide consulting services regarding policies and projects. The parties will leverage their complementary strengths to help Chinese mainland enterprises access overseas markets via Hong Kong, while facilitating Hong Kong companies’ entry into the Chinese mainland through Hainan.

The delegation also held talks with the British Chamber of Commerce in Hong Kong and the American Chamber of Commerce in Hong Kong, exploring ways for British and American businesses to leverage Hainan’s value-added processing tariff exemptions and multifunctional free trade accounts to position themselves in regional supply chains and cross-border investment and financing. HSBC, De Beers, and other British firms are already active in Hainan, and the UK served as the Guest of Honor country at the 2025 China International Consumer Products Expo.

According to industry analysts, amid the shifting international trade landscape, Hainan is leveraging Hong Kong’s “super-connector” role to accelerate its integration with global capital and business networks, while simultaneously offering the Hong Kong business community a policy testing ground for entering the Chinese mainland market.

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Africa’s Grid Constraints Come into Focus as Regional Markets Push Toward Integration

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Africa

Regional power pools are advancing and renewable pipelines are growing, but the regulatory and financial architecture needed to connect them remains the continent’s most critical infrastructure gap – an issue central to the Power Africa Today conference at AEW 2026

CAPE TOWN, South Africa, June 25, 2026/APO Group/ –Africa’s electricity demand is projected to nearly double to 2,291 TWh by 2050, requiring an estimated $30 billion in transmission and grid infrastructure investment to unlock and integrate new generation capacity. Yet across the continent, grid systems are struggling to keep pace with rapidly expanding supply pipelines and rising demand.

In Nigeria, repeated nationwide grid collapses as recently as February 2026 underscore the fragility of aging transmission infrastructure. In East Africa, tower failures along the 428 km Loiyangalani-Suswa line temporarily stranded output from Lake Turkana Wind Power – Africa’s largest wind installation. Meanwhile, demand growth pressures are accelerating across North Africa, where electricity consumption is expected to rise by around 50% by 2035, driven by urbanization, desalination projects, and climate-related temperature increases.

Despite these constraints, generation investment continues to accelerate across Africa, particularly in renewables, gas-to-power and hybrid systems. However, without equivalent investment in transmission and interconnection, much of this new capacity risks being underutilized or stranded. This growing imbalance between generation and grid capacity is driving a sharper focus on system-wide planning and regional market design – issues that will be central to the newly launched Power Africa Today conference at African Energy Week 2026. The platform will bring together policymakers, utilities, investors and developers to explore how regional interconnection, cross-border trading frameworks and financing structures can better align generation growth with grid expansion.

Power Markets Experiment with Reform

Alongside infrastructure challenges, Africa’s electricity sector is undergoing gradual – but uneven – market reform. Most countries still operate vertically integrated systems dominated by state utilities, but a growing number are introducing competitive frameworks to attract private capital and improve efficiency.

Zimbabwe opened its electricity market to full private participation across generation, transmission and distribution in 2025, targeting $9 billion in new investment. South Africa is advancing one of the continent’s most ambitious grid expansion programs, with plans for 14,500 km of new transmission lines and 133,000 MVA of transformer capacity by 2034, alongside mechanisms designed to crowd in private financing. Kenya, meanwhile, has introduced open access regulations enabling independent power producers to wheel electricity directly to multiple off-takers, reshaping how generation assets interface with the grid.

Interconnected electricity markets are the foundation of Africa’s industrial future

Regional Integration Remains Fragmented

Efforts to connect Africa’s fragmented power systems are progressing, though at different speeds across regions. In Southern Africa, the World Bank’s RETRADE SAPP program, approved in 2025, is deploying $12 million to strengthen renewable integration and transmission capacity across 12 member states. In East Africa, the Ethiopia–Kenya–Tanzania Electricity Highway is now in trial operations at up to 2,000 MW, marking a significant step toward a more interconnected regional grid.

West Africa is also moving toward deeper integration, with permanent synchronization of the West Africa Power Pool expected in 2026. Analysts, including the African Finance Corporation, argue that such synchronization is critical to unlocking large-scale hydropower potential and industrial demand across the region. Longer term, full synchronization between the Eastern and Southern African power pools – targeted for the end of 2026 – could create one of the world’s largest cross-border electricity trading corridors.

Building Bankable Financial Architectures

While interconnection is advancing, infrastructure alone is not enough to create investable electricity markets. Investors consistently cite the lack of standardized offtake structures, creditworthy counterparties, and cross-border payment guarantees as key barriers to scaling capital deployment.

New models are emerging to address these constraints. Africa GreenCo, operating across Zambia, Namibia and South Africa, is helping to aggregate independent power producers under a single creditworthy intermediary, standardizing power purchase agreements and reducing counterparty risk. At a broader level, AUDA-NEPAD estimates that Africa requires around $30 billion in additional investment to complete priority transmission corridors and establish three fully interconnected regional trading blocs by 2030.

“Interconnected electricity markets are the foundation of Africa’s industrial future,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “The question at Africa Energy Week is not whether integration is possible – the evidence is already there. The question is which regulatory frameworks and financial structures will get projects to financial close, and which markets will be ready when capital is looking to move.”

The Power Africa Today conference will run alongside AEW 2026, taking place October 12–16 in Cape Town, and will focus on the regulatory, financial and infrastructural architecture needed to build interconnected electricity markets capable of attracting institutional capital and delivering reliable, cross-border power at scale.

Distributed by APO Group on behalf of African Energy Chamber.

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African Development Bank Group and La Francophonie Sign Partnership Agreement to Promote Youth Employment in Francophone Africa

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The agreement was signed during a meeting between the Secretary General of La Francophonie, Louise Mushikiwabo, and African Development Bank Group President, Dr Sidi Ould Tah in Paris, France

PARIS, France, June 25, 2026/APO Group/ –The African Development Bank Group (www.AfDB.org) and The International Organization of La Francophonie (OIF) on Wednesday entered a strategic partnership to strengthen digital skills, employability, and entrepreneurship of young people and women in five African countries: Benin, Cameroon, Guinea, the Democratic Republic of the Congo and Madagascar.

 

The agreement was signed during a meeting between the Secretary General of La Francophonie, Louise Mushikiwabo, and African Development Bank Group President, Dr Sidi Ould Tah in Paris, France. The agreement will address a major challenge faced by countries in the Francophone world and across Africa: providing young people with access to opportunities offered by the digital economy and fostering the emergence of a new generation of entrepreneurs.

The partnership calls for the implementation of training programs in digital professions and entrepreneurship, in fields such as web and mobile development, cybersecurity, artificial intelligence, and data analysis. Participants will also receive guidance toward employment and self-employment, as well as support for innovation and business creation, notably through training camps, prototyping activities, and partnerships with incubators and accelerators.

The African Development Bank Group and OIF will also work with national authorities in these five countries and training institutions to sustainably strengthen local capacities and promote ownership of the programs by national stakeholders. An initial pilot phase, lasting 12 to 24 months, will be rolled out in the five partner countries, followed by a gradual expansion to other member states depending on the results achieved.

The African Development Bank Group is pursuing a bold agenda based on “Four Cardinal Points” developed by Dr Ould Tah, the third of which is ‘Turning Demographics into a Dividend.’ This is about strategically converting Africa’s rapidly growing and youthful population into a decisive engine of inclusive growth, productivity, and innovation through large-scale investment in human capital—particularly youth and women.

 

It sees Africa’s growing young population not as a risk, but as a major asset. With the right policies and investments, this potential can create jobs, help small businesses grow, bring more informal businesses into the formal economy, and equip young people with the skills needed for the future. By investing more in education, science and technology, vocational training, entrepreneurship, finance, and digital tools, Africa can help its people drive economic transformation, stay competitive, and build lasting, resilient growth.

The OIF said the agreement marked the first concrete step in its initiative to mobilize innovative and additional funding for its most impactful projects.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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