World Bank Commits USD 600 Million to Boost Economic Diversification and Urban Development Along Lobito Corridor
Luanda — The World Bank will mobilize USD 600 million to support economic diversification, urban development, and housing initiatives along the Lobito Corridor, the institution’s representative, Roland Yameogo, announced on Tuesday in Luanda.
Speaking on the second day of the 7th African Union–European Union Summit, Yameogo explained that the funding will be split evenly: USD 300 million for economic diversification, with a focus on agriculture and agro-processing, and USD 300 million for urban development and housing.
He noted that the package forms part of a broader engagement strategy centered on employability and the rollout of industrial projects.
Bruno Baptista, representing the Investment and Export Promotion Agency (AIPEX), highlighted ongoing challenges in attracting private investment—particularly from Europe.
He added that measures are being implemented to streamline processes and offer tax incentives to companies interested in investing along the Lobito Corridor.
According to Baptista, investors may negotiate tailored project modalities directly with AIPEX, aligning with the agency’s goal of promoting foreign and domestic investment.
Alcídio José, Chairman of Ozango Minerais, stated that his company—supported by the Angolan Sovereign Fund—is developing a rare earth mining operation aimed at adding value through local processing, technology transfer, and the training of national workers.
He emphasized that the company’s strategy includes knowledge sharing, community engagement, and prioritizing Angolan labor.
Discussions on the forum’s second day also addressed opportunities within the agri-food sector along the Lobito Corridor.
Delegates highlighted the trilateral partnership between Angola, Zambia, and the Democratic Republic of Congo (DRC), which aims to transform the corridor into a regional industrial development hub.
Planned initiatives already include industrial development projects in municipalities along the route, as well as programs to support the production, mobilization, and export of crops such as sesame and avocado.
