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...leases/2024-12/2024-12-04-readout-of-the-lobito-trans-africa-corridor-summit.md
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--- | ||
date: '2024-12-04' | ||
modified_time: 2024-12-04 10:57:10-05:00 | ||
published_time: 2024-12-04 10:57:08-05:00 | ||
source_url: https://www.whitehouse.gov/briefing-room/statements-releases/2024/12/04/readout-of-the-lobito-trans-africa-corridor-summit/ | ||
tags: statements-releases | ||
title: "Readout of the Lobito Trans-Africa Corridor\_Summit" | ||
--- | ||
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Today, President Joseph R. Biden, Jr. and Angolan President João | ||
Lourenço co-hosted African leaders from the Democratic Republic of the | ||
Congo, Zambia, and Tanzania, as well as private sector CEOs, | ||
U.S. development and finance institutions, and the Africa Finance | ||
Corporation, to celebrate and highlight progress on the development of | ||
the Lobito Trans-Africa Corridor and the partnership of the Lobito | ||
Corridor consortium. President Biden praised the progress made on the | ||
Corridor since its launch under the Partnership for Global | ||
Infrastructure and Investment (PGI) at the 2023 G7 Summit, and today | ||
announced more than $560 million in new funding, including commitments | ||
expected to generate at least $200 million in additional private sector | ||
capital, for infrastructure projects along the Corridor, bringing the | ||
total for U.S. investments to more than $4 billion. The Leaders | ||
discussed the transformative impact the Lobito Trans-Africa Corridor has | ||
had on enhancing access to the critical minerals needed for the clean | ||
energy transition and digital connectivity, strengthening food security, | ||
boosting regional trade, and empowering communities all along the | ||
Corridor. To date, the United States regional development banks, and | ||
international partners have mobilized over $6 billion in high-standard, | ||
public and private investments along the Lobito Trans-Africa Corridor. | ||
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