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United States, Zambia, Africa Finance Corporation (AFC) Host Partnership for Global Infrastructure and Investment (PGI) Forum to Strengthen Investment in Lobito Corridor

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PGI

The corridor will integrate the African continent and enhance connections with global markets

LUSAKA, Zambia, February 8, 2024/APO Group/ — 

His Excellency Hakainde Hichilema, President of the Republic of Zambia, Amos Hochstein, Senior Advisor to President Biden, and Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC) (www.AfricaFC.org) convened the Partnership for Global Infrastructure and Investment (PGI) Lobito Corridor Private Sector Investor Forum in Lusaka today. This is the first PGI Investor Forum outside the United States, bringing together over 250 business and government leaders from Angola, the Democratic Republic of Congo (DRC), the European Union, the United States, and Zambia, as well as international investors and industry leaders to accelerate private sector investment in the Lobito Corridor, which will connect the DRC and Zambia with global markets through Angola. 

The Lobito Corridor is the first strategic PGI economic corridor launched by President Biden at the G7 Summit in Japan in May 2023 under the flagship G7 Partnership for Global Infrastructure and Investment initiative. The corridor will integrate the African continent and enhance connections with global markets by expanding export possibilities, boosting regional trade, and growing key market segments, all while creating decent jobs and improving lives.

PGI’s efforts to upgrade and build new railway will result in the first trans-African rail line, stretching from the Atlantic Ocean to the Indian Ocean. A U.S. Development Finance Corporation (DFC) $250 million investment, currently in due diligence, would support the Lobito Atlantic Railway (LAR) consortium that is upgrading and operating a 1,200 km Benguela rail line across Angola with advisory support from the Africa Finance Corporation (AFC).  The LAR upgrade will dramatically reduce transport time, better connect critical mineral-rich regions in the DRC with the global markets and lower the carbon emissions footprint of goods currently moved by road. By lowering costs for businesses along the corridor, it will also open new markets, including agribusiness. 

The Investor Forum follows the signing of a Memorandum of Understanding (MOU) in October 2023 in which the African Development Bank, the AFC, the governments of Angola, DRC, Zambia and the United States, and the European Commission underscored their shared commitment to developing the Lobito Corridor.  The MOU named AFC as lead developer on the new Zambia-Lobito rail line extending from the Benguela line into northwest Zambia.  In addition to rail, PGI is investing catalytic public funds alongside G7 and African partners in various sectors, demonstrating a new model of holistic private-sector led infrastructure development while maintaining strong labor and environmental standards, and promoting trade and investment on the African continent.

The PGI Forum marks the partners coming together to further mobilize private sector investment across the Lobito Corridor and unlock the enormous potential of this region. During the forum in Lusaka, the U.S. Government and partners announced additional commitments to the corridor:

  • DFC announced that its Board of Directors just approved a new $250 million debt facility to the AFC that would support their efforts to develop high-quality and high-standards infrastructure across the continent. That potential project is now pending congressional review. DFC also marked its commitment to provide a $10 million loan to Seba Foods Zambia, the first U.S. food and agriculture investment along the Lobito Corridor.
  • Additionally, the United States Trade and Development Agency (USTDA) announced a feasibility study grant to REV-UP Solar Ventures Zambia to develop an estimated 200-megawatt solar power plant and battery energy storage system in Solwezi, Zambia.   The project will supply clean, stable electricity to Zambian industry and households and has the potential to provide power for two critical mineral mines in the DRC.
  • This week LAR announced a six-year export shipment term-sheet with Canadian mining company Ivanhoe that will advance the rail line’s ambitions to become the leading rail transport link in sub-Saharan Africa and support clean energy supply chain diversification.
  • Supporting efforts to unlock the potential of the Copperbelt region, AFC has entered into an MOU with Congolese commodity trading and mining company La Générale des Carrières et des Mines (Gécamines) to undertake the development of critical minerals in the DRC. AFC has also signed an expression of interest with Kobaloni Energy to provide $100 million in financing for a cobalt refinery in Chingola, Zambia, with the objective of building the first electric vehicle battery grade cobalt sulphate plant on the African continent.

These announcements build on the more than $1 billion of U.S. government investments made in Angola in the past year. This includes an Export-Import Bank of the United States (EXIM) authorization of a more than $900 million loan supporting construction of two solar energy power plants that will generate over 500 megawatts of renewable energy, and an additional $363 million EXIM loan guarantee to support financing and construction of over 180 bridges connecting rural Angolan communities. Further, two USAID grants are enabling Africell’s recent mobile money launch to reach more underserved populations, and to expand an existing program supporting women farmers to communities around the Lobito Atlantic rail line.

Today’s milestone underlines the importance of the Lobito Corridor initiative. The corridor is a vital logistics hub that connects the region to international markets while demonstrating that strategic public infrastructure investment can mobilize private investment across multiple sectors to promote economic growth that transforms the region.

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

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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