Cross-border transport infrastructure project the Lobito Corridor railway project, in Angola, has achieved a successful financial close of $753-million, says infrastructure financing fund the Africa Finance Corporation (AFC).
The transaction, which follows key financing agreements signed late last year, marks a major milestone for regional integration and economic transformation in Africa.
The funding will support the rehabilitation, upgrade and long-term operation of the 1 300 km brownfield rail corridor linking the Port of Lobito, in Angola, to the Democratic Republic of Congo (DRC) border.
The Lobito Atlantic Railway (LAR) is a joint venture between construction and infrastructure company Mota-Engil and metals and minerals logistics company Trafigura.
AFC, as the co-financial adviser on the transaction, and financial services firm Eaglestone led the structuring and mobilisation of financing for LAR as the borrower and concessionaire.
