13 sources·Politics

Biden Commits $600 Million to Africa’s Lobito Corridor on Final Day in Angola

President Biden announces significant investment in Lobito railway project aimed at boosting economic growth in Africa and countering China’s influence.

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Updated: Dec 4th, 2024, 6:26 PM ET

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On his last day in Angola, President Biden pledged $600 million for the Lobito Corridor railway project, increasing U.S. investment to $4 billion. The corridor will enhance access to critical minerals from Congo and Zambia, significantly reducing cargo transit time. Biden’s investment reflects a broader strategy to strengthen U.S.-Africa ties while countering China's dominant position in the region. African leaders hailed the project for its potential to spur economic and social transformation, create jobs, and improve infrastructure. Biden emphasized the importance of transparent, high-standard investments as an alternative to China's engagement in Africa.

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Biden Commits $600 Million to Africa’s Lobito Corridor on Final Day in Angola - Pano News