US Finalizing $500 Million for African Critical Minerals Railway

The US International Development Finance Corp. is finalizing more than $500 million in financing for the Lobito corridor, a railway project that will haul critical minerals from central Africa’s copper belt to an Atlantic port in Angola.

The DFC is “actively negotiating” with stakeholders, including the Angolan government and Trafigura Group over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in the Angolan capital, Luanda, on Monday.

“We remain very committed to that project overall and we’re working tirelessly to make sure that project is effectuated,” he said.

The ...