Lobito Railway vital for global trade – HH

…says the US$600 million investment in the extension of the Lobito Corridor Railway is going to open up Zambia, DRC, Tanzania and Angola as well as the entire Southern region to the global economy

PRESIDENT Hakainde Hichilema has said the US$600 million investment in the extension of the Lobito Corridor Railway is going to open up Zambia, the Democratic Republic of Congo (DRC) and Angola as well as the entire Southern region to the global economy.
President Hichilema says the Lobito Corridor Railway would enable Zambia, Angola, Tanzania and the DRC to channel their critical minerals to the West via Lobito.
President Hichilema who was in Angola for the high-level Partnership for Global Infrastructure and Investment Lobito Corridor Summit where United Stated of America President Joe Biden met African leaders to advance a plan to extend a railway said the project was a huge opportunity for investment and trade in the region.
“This corridor (Lobito Corridor Railway) is of vital importance to opening up our countries, to opening up our regions, the continent, and truly the global economy. This project is a huge opportunity for investment, for trade,” President Hichilema said.
President Hichilema said Zambia was to President João Lourenço and the US government for hosting the summit, where President Biden announced an additional US$600 million in funding for infrastructure projects along the corridor.
“This landmark project will catalyze sustainable and inclusive economic development, lowering transportation costs to regional and global markets. The Lobito Trans-Africa Corridor and the new rail line from Angola to Zambia will drive economic growth, job creation, and sustainable development,” President Hichilema said.

President Hichilema also disclosed that he held bilateral talks with President Biden where the two leaders discussed the Zambia- US relationship, economic progress and democratic development.
“On the sidelines of the summit, we also held bilateral talks with President Biden, discussing the Zambian-US relationship, economic progress, and democratic development. We emphasized the need for debt reform, ensuring countries are not held back from investing in development due to high debt servicing,” the President said.
The head of State had pledged his commitment to working with the governments of Angola, DRC, the US, Tanzania and other partners to actualize the Lobito Corridor Railway and create a brighter future for the people in the four countries. In June, Zambia’s international bondholders voted through their part of a US$13.4 billion debt restructuring deal, making Zambia the first to complete a full-blown rework under the G20-led “Common Framework” architecture.
The second phase of the project envisions extending the Lobito corridor railway through Zambia and connecting to Tanzania’s Indian Ocean Port of Dar es Salaam.
And a State House statement yesterday said Zambia should maintain its non-aligned stance to benefit from both the US and China as the two world powers jostle to control Africa’s resources such as critical minerals and timber.
According to State House, financial and economist expert Trevor Hambayi said as the US$2 billion Lobito agreement was taking shape, it was pleasing that President Hichilema at taken time to meet his counterparts from the US, Joe Biden and DRC, Felix Tshisekedi in Angola in an effort to ensure Zambia was strategically positioned
Mr Hambayi said the Lobito deal among Zambia, U.S. and DRC deal was a very interesting agreement which if handled properly would benefit the country immensely.
“This is a new cold war being fought and acted on Africa. These powers are after our critical minerals, so we should remain neutral if we are to benefit instead of siding with one nation against the other,” Mr Hambayi said.
He said; “both parties were coming to the ‘party’ in Africa” and so it was time for Zambia to take a wise stance by remaining non-aligned for it to benefit from both countries.