Readout of the Lobito Trans-Africa Corridor Summit

by Joe Biden

Today, President Joseph R. Biden, Jr. and Angolan President João Lourenço co-hosted African leaders from the Democratic Republic of the Congo, Zambia, and Tanzania, as well as private sector CEOs, U.S. development and finance institutions, and the Africa Finance Corporation, to celebrate and highlight progress on the development of the Lobito Trans-Africa Corridor and the partnership of the Lobito Corridor consortium. President Biden praised the progress made on the Corridor since its launch under the Partnership for Global Infrastructure and Investment (PGI) at the 2023 G7 Summit, and today announced more than $560 million in new funding, including commitments expected to generate at least $200 million in additional private sector capital, for infrastructure projects along the Corridor, bringing the total for U.S. investments to more than $4 billion. The Leaders discussed the transformative impact the Lobito Trans-Africa Corridor has had on enhancing access to the critical minerals needed for the clean energy transition and digital connectivity, strengthening food security, boosting regional trade, and empowering communities all along the Corridor. To date, the United States regional development banks, and international partners have mobilized over $6 billion in high-standard, public and private investments along the Lobito Trans-Africa Corridor.