The Lobito Corridor Impact Development Platform (LCID)—a new $1 billion private-sector–driven initiative—has officially launched, backed by an initial $100 million joint commitment from entrepreneur Haim Taib and Angola’s Sovereign Wealth Fund (FSDEA).
Focused on the Lobito Corridor, this platform aims to accelerate inclusive and sustainable development across Angola, the Democratic Republic of Congo (DRC), and Zambia.
LCID is designed to enhance U.S.-Africa cooperation through targeted investments in agriculture, infrastructure, healthcare, light industry, education, and digital inclusion.
The platform seeks to promote regional integration and economic diversification, delivering real and measurable benefits to local communities.
“This landmark private initiative will fuel sustainable, inclusive development across Angola, through the DRC, and into Zambia,” said Haim Taib, Founder and President of the Menomadin & Mitrelli Group.
In an interview with Business Insider Africa, Taib highlighted the platform’s distinctive private-sector model, explaining that unlike traditional government-led infrastructure projects, LCID is built around social returns and direct community impact.
“This platform differs significantly from the broader Lobito Corridor infrastructure projects. It emphasizes private-sector participation and social return, aiming to deliver direct benefits to communities across the region,” Taib said.
While Mitrelli is not directly managing the fund, Taib noted that the group remains an active partner through its long-standing operations in Africa.
Taib also emphasized growing regional collaboration, noting Zambia’s strong engagement and early interest from the DRC. “I believe we will bring more African investors on board—there’s no doubt,” he said.
Dr. Armando Manuel, Chairman of Angola’s Sovereign Wealth Fund (FSDEA), emphasized that the LCID initiative supports the country’s broader economic transformation goals by focusing on job creation, especially for youth and women, and reducing reliance on extractive industries.
“The core idea behind the infrastructure initiative is to create business opportunities, particularly targeting youth and women to ultimately improve living standards,” he said.
He added that the platform brings added value by completing domestic value chains and supporting economic diversification.
The broader Lobito Corridor project, a flagship transnational infrastructure and investment corridor, connects Angola’s Atlantic port of Lobito to the DRC and Zambia’s mineral-rich interior.
The corridor provides critical export access for essential materials like copper and cobalt—resources vital for clean energy technologies, electric vehicles, and semiconductors.
LCID marks a significant shift in Africa’s development strategy—from reliance on donor funding and public-sector projects to private-sector–led, commercially viable investments.
Through strategic partnerships with institutional and sovereign investors, the platform aims to build long-term, sustainable growth.
It also seeks to address Africa’s dependence on imports, particularly in food and industrial goods, by supporting domestic production and supply chain completion.
“Many African countries remain heavily dependent on imports. When we talk about food security, we should be aiming for food sovereignty,” said Dr. Manuel. “By implementing platforms like LCID, we create opportunities to strengthen local economies and reduce these vulnerabilities.
Through the strategic use of our sovereign wealth fund, we’re not just investing—we’re bridging the gaps in local value chains.”
The Lobito Corridor Impact Development Platform stands as a new model for impact-driven investment, offering a blueprint for how African nations can harness private capital to build resilient, inclusive economies.
