A top Trump official Wednesday finalized a $550 million loan to revamp a rail line that will traverse Africa and tap into mineral-rich areas, completing a Biden administration goal.
The funding — which former President Joe Biden unveiled during a historic trip to sub-Saharan Africa last year — will help revamp the so-called Lobito Corridor, a cross-continental rail project the government is advancing to counter China’s Belt and Road Initiative.
Ben Black, CEO of the U.S. International Development Finance Corp., or DFC, signed the loan at a ceremony alongside officials from Angola, the Development Bank of South Africa Group and the commodity trading firm Trafigura. Under the deal, the South African bank is contributing another $200 million.
“The signing of our loan agreement for the Lobito Atlantic Railway in Angola further characterizes President Trump’s commitment to forging strong partnerships and alliances in Africa,” Black said in a statement. “This investment builds on the impactful work DFC is already leading along the corridor, reinforcing its mission to drive sustainable economic growth and strengthen strategic infrastructure.”
