MINISTER of Finance and National Planning Dr Situmbeko Musokotwane says it is pleasing that President Donald Trump’s administration has continued to support the Angola-Zambia-DRC Lobito Corridor project.
At a media briefing, Thursday, Dr Musokotwane said it was pleasing to note that the new US administration had seen the importance of continuing to support the project.
“We are here to celebrate the announcement that was made by the Trump administration yesterday that they have put their support behind the Lobito Railway Corridor. As we have just heard, this initiative started under a different American administration, and it is very pleasing to note that the new administration has also seen the importance of continuing to support this project. So, for that, we are really grateful and meet the original design of having a project that would get support from both America, [and] within Africa, irrespective of any political administration that may be in place,” he said.
Dr Musokotwane said the Lobito Corridor would boost economic growth.
“For us, this project is important because our key focus right now in Zambia, or can I say in Africa, is to create jobs and jobs and jobs. Our continent is one whose population is rising fast. A lot of young people are coming into the labour market, and it is our responsibility to create conditions that will enable this demographic dividend to be absorbed into meaningful occupation. The railway line contributes to that because it will make it viable for the mineral expansion that is taking place in central Africa. DRC is expanding its mining in copper, cobalt, and others. Zambia is also doing the same,” said Dr Musokotwane.
“The expansion started last year, and it will continue until we get to three million tonnes. I also know that we are doing a lot of explorations in Western Zambia, and I know it is also happening on the other side of Angola. I believe that without any doubt, there will be more and more minerals to be discovered. So, this is going to be an area of economic growth to absorb the labour that is coming on the market. But beyond just that space that is there, the good soils and the water, we need to bring it into agriculture so that the railway line becomes useful for agriculture, so the railway line becomes useful for other economic activities that will emerge through this project; starting from minerals, value addition, whether it is services, Africa will contribute to that middle class, the world requires to grow the economy.”
Meanwhile, Angolan Minister of Transport Ricardo Daniel Sandão Queirós Veigas de Abreu said the region was looking for ways to explore all potential in the region.
“As my colleague from Zambia mentioned, we are looking more than just an infrastructure and a logistics corridor. We are talking about an economic development corridor. How can we explore all the potential that we have in the region, addressing three main issues; one, food security, another one, energy transition…this project is a way that we can experience a different approach for infrastructure financing in the continent and that is very critical because we are exposed to other solutions of financing that have tremendous impact on the fiscal sustainability and sustainability of our country. I think this is the main part of this project, not only the economic side but the financial implications of the project and how we can make it a successful story,” said Sandão Queirós Veigas de Abreu.
