On Friday, during the G7 meeting it hosted, Italy committed to joining the US and EU in efforts to promote sustainable development along the Lobito Corridor.
This initiative aims to enhance collaboration and mobilize up to $320 million in investments to support core rail infrastructure and related projects, in synergy with the Green Infrastructure Alliance in Africa (AGIA).
The Lobito Corridor is a significant railway infrastructure that traverses Angola, the Democratic Republic of Congo, and Zambia, regions rich in minerals and oil.
It connects Southern and Central Africa, providing access to East Africa and a route to the Atlantic Ocean. This project exemplifies the mega infrastructure initiatives supported by the African Development Bank (ADB) to achieve full economic transformation, sustainable development, and poverty elimination in Africa.
Expressing gratitude for the invitation to the prestigious G7 summit, ADB President Akinwumi Adesina informed world leaders that the bank had invested over $50 billion in quality infrastructure in Africa over the last eight years.
He emphasized that the ADB is the leading financier of infrastructure on the continent. However, Adesina cautioned, “Africa has an infrastructure financing gap of $68 to $108 billion per year.
This issue must be resolved to realize Africa’s ambitions, strongly supported by the G7, to become a great global economic power.”
Supporting the G7 Partnership for Global Infrastructure and Investment (PGII), which aims to mobilize $600 billion in infrastructure investment in emerging economies, a coalition of North American investors committed to reinvesting billions of dollars in large-scale infrastructure projects in emerging markets, aligning with PGII priorities.
In a joint statement, the co-chairs welcomed Italy’s renewed commitment to African development, including deepening partnerships with African nations through its Mattei Plan.
They emphasized their commitment to increasing coordination between the PGII, the Mattei Plan, and the EU Global Gateway to maximize collective impact in developing transformative economic corridors in Africa.
The Italian private sector has also joined the call for greater investment in Africa. In line with this commitment, the Mattei Plan for Africa has launched new financial instruments in collaboration with the African Development Bank.
