Biden Unveils $600 Million in New Financing for African Railway
- Lobito railway will transport critical minerals to Atlantic
- Effort by US to counter Chinese dominance of mining in Africa
President Joe Biden is rounding off his trip to Angola by announcing $600 million in new financing for a multi-country railway as the US looks to bolster its investment in critical minerals infrastructure in Africa and curb Chinese influence.
Today’s announcement builds on $553 million the US International Development Finance Corp pledged earlier this year in the Lobito Trans-Africa Corridor, connecting the Central African copperbelt to the Angolan coast. The new investments will support not just the rail infrastructure but also agriculture, clean energy and associated supply chains, along with health and digital access in the country, according to the White House.