DFC announces new US financing for Africa’s Lobito Corridor
DFC announces new US financing for Africa’s Lobito Corridor
The Lobito Corridor extends across Angola, Zambia, and the Democratic Republic of the Congo.
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The US International Development Finance Corporation (DFC) deputy chief executive officer, Nisha Biswal, has announced new DFC financing in support of the Lobito Corridor, which extends across Angola, Zambia, and the Democratic Republic of the Congo.
“Africa is DFC’s largest regional portfolio with over $11 billion in financing for projects across the continent, including along the Lobito Corridor,” Biswal said. “We are committed to working with our partners on the continent to build high-quality infrastructure and invest in agriculture, healthcare, and financial services that will impact lives and livelihoods across the corridor.”
Biswal celebrated DFC’s longstanding partnership with the Africa Finance Corporation (AFC), which is spearheading Phase II of the Lobito Corridor. She shared that DFC’s board of directors just approved a $250 million loan to AFC that would support its efforts to develop high-quality infrastructure across the continent. That potential project is now pending congressional review.
Biswal also marked DFC’s commitment to provide a $10 million loan to Seba Foods Zambia Ltd., alongside Seba Foods CEO Gaurav Vijayvargiya. This is the first US food and agriculture investment along the Lobito Corridor. The DFC loan will support the expansion of Seba Foods Zambia’s food production and storage capacity for maize-based, soya-based, and other consumer food products.
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