Africa-Press – Angola. The World Bank will mobilize 600 million US dollars to support the sectors of economic diversification and urban development and housing along the Lobito Corridor, announced the institution’s representative, Roland Yameogo, on Tuesday in Luanda.
Speaking on the second day of the seventh African Union-European Union Summit, Roland Yameogo explained that the amount will be divided into 300 million US dollars for economic diversification, focusing on agriculture and self-processing, and US$300 million for urban development and housing.
He said the package integrates an engagement strategy focused on employability, through the implementation of industrial projects.
Bruno Baptista, representative of the Investment and Export Promotion Agency (AIPEX), on his turn, highlighted the challenges to attract private investment, especially European capital.
He added that measures are being adopted to facilitate and provide tax benefits for companies interested in investing in the Lobito Corridor, allowing investors to negotiate with AIPEX (Angolan Investment and Foreign Trade Authority) modalities tailored to their projects.
The Chairman of the Board of Directors of Ozango Minerais, Alcídio José, stated that his company, subsidized by the Angolan Sovereign Fund, is developing a rare earth mining operation with the aim of adding value through local transformation, technology transfer, and training of national personnel.
He emphasized that the company’s policy includes knowledge transfer, engagement with communities around the mine, and prioritizing national labor.
On the second day of the forum, issues related to the agri-food sector in the Lobito Corridor were also discussed, highlighting the partnership between Angola, Zambia and the Democratic Republic of Congo (DRC) to transform the route into an infrastructure catalyst for regional industrial development.
Industrial development projects are already planned in the municipalities along the corridor, as well as initiatives for the mobilization and export of sesame and avocado.
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