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A Memoranda of Understanding on Zambia-Lobito railway line, Lobito Corridor Development, and Critical Minerals, has been sealed by all participating parties.
The Africa Finance Corporation, African Development Bank (AfDB), Angola, Democratic Republic of Congo, European Union (EU), United States of America (U.S.A) and Zambia on Thursday signed a Memorandum of Understanding (MoU) for development of the Lobito Corridor and the new Zambia-Lobito railway line.
A statement from Ministry of Finance and National Planning stated that the Zambia-Lobito Railway Line and the Lobito Corridor Development Initiative outlined the intentions of the signatories to collaborate across multiple sectors to realise the full economic potential of the corridor.
This was built on the Lobito Corridor Transit Transport Facilitation Agency agreement signed by the three neighbouring governments in January, 2023 -and anchored by historic envisioned investment in developing the Zambia-Lobito greenfield railway line.
Read more: Zambia, Britain reach understanding for responsible development of mining industry
Finance and National Planning Minister, Situmbeko Musokotwane, in his comment on the development was positive of enhanced regional trade, growth, and advancement of the shared vision of connected and open-access railway from the Atlantic Ocean to the Indian Ocean once completed.
“Once complete, there will be enhanced regional trade, growth, and advancement of the shared vision of connected and open-access railway from the Atlantic Ocean to the Indian Ocean,” he said.
On the critical mineral’s agreement, Musokotwane said it would guide government and the European Union in their quest to improve management of strategic and critical raw materials.
He explained that this would enable Zambia to seize enormous opportunities from emerging developments such as green energy transition while the EU would benefit from having a secure sustainable raw materials value chain.
“The MoU also widens the Zambia and EU Cooperation in line with our mining reform objectives, to be articulated in the comprehensive strategy on critical raw materials,” Musokotwane said.
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