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Africa Finance Corporation (AFC) has announced the financial close of the $753 million Lobito Corridor Railway project in Angola.
AFC and Eaglestone acted as co-financial advisors, structuring financing for Lobito Atlantic Railway (LAR), a joint venture between Mota-Engil and Trafigura. The funding package includes $553 million from the US International Development Finance Corporation and $200 million from the Development Bank of Southern Africa. The capital will fund the upgrade and long-term operation of the 1,300km rail corridor connecting Angola’s Port of Lobito to the Democratic Republic of Congo.
Samaila Zubairu, president and CEO of AFC, said: “The financial close of the Lobito Corridor Railway Project underscores AFC’s leadership in delivering complex transformational infrastructure that advances Africa’s industrialisation and regional integration. As one of the continent’s most strategic transport corridors, the project will strengthen regional connectivity, facilitate trade, and unlock new opportunities for economic growth across Angola and the wider region.”
Nuno Gil, founding partner of Eaglestone, commented: “Reaching financial close on the Lobito Corridor Railway Project is the culmination of years of work and a defining moment for infrastructure finance in sub-Saharan Africa. This transaction demonstrates that complex, multi-lender, cross-border project financings can be structured and successfully closed on the continent, and we are proud to have been at the centre of it alongside AFC. We thank LAR, Mota-Engil and Trafigura, for their trust in Eaglestone and for the commitment they each brought to making this transaction a reality.”
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