ANGOLA, ZAMBIA, AND DRC CREATE TRADE CORRIDOR TO TRANSFORM REGIONAL SHIPPING
Angola, Zambia, and the Democratic Republic of Congo (DRC) have signed an agreement to create a trade corridor that could potentially revolutionize the transportation of the region’s resources.
The corridor, known as the Lobito Corridor, will connect the mining areas of Katanga province in the DRC and the Copperbelt in Zambia to the Atlantic port of Lobito in Angola.
According to mining company Pensana in a statement, ”harmonizing regulations on the corridor and infrastructure development will allow the three countries to transport metals used to manufacture electric vehicles and wind turbines from inland mines to port”, significantly reducing transport time from weeks to days.
The Lobito Corridor is set to become an alternative strategic route to the export markets of Zambia and the DRC and offers the shortest route that connects the main mining regions of these two countries to the sea.
The three states, all members of the South African Development Community (SADC), have agreed to jointly develop harmonized regulations and corridor systems to promote infrastructure development.
The agreement also includes the joint management of a commercial corridor to and from the Atlantic port of Lobito, which was recently awarded a concession to the Portuguese infrastructure group Mota-Engil for a US$450 million upgrade.
The transport ministers of the three countries have signed the agreement to facilitate the Lobito Corridor, which will significantly enhance the region’s transportation system and help to drive economic growth.