The United States and Angola have finalized agreements to fund three infrastructure projects totaling $1.3 billion.
These projects are part of the cross-border Lobito Corridor initiative, backed by the Partnership for Global Infrastructure and Investment (PGI), a joint commitment of the G7 to promote private investment in infrastructure globally.
Firstly, there are two solar plants, each capable of generating 500 MW, slated to link to Angola’s national grid.
Sun Africa, a renewable energy company, will spearhead their development, supported by $872 million in financing from the Export-Import Bank of the US (EXIM). Once completed, these plants will provide electricity to more than three million Angolans.
The second project, the Acrow Bridge endeavor, is valued at $450 million. It involves constructing 186 bridges throughout Angola, with financial backing from EXIM, the Private Export Funding Corporation, and Standard Chartered Bank.
Lastly, the Angola FM Radio Signal Expansion and Studio Modernization Project seeks to extend analog FM radio coverage to 95% of the Angolan populace.
Funded by GatesAir Technology based in the US, this $40 million initiative entails supplying 168 Flexiva FM transmitters, installing antennas, towers, auxiliary RF systems, and upgrading studios nationwide.
Together, these projects constitute the most substantial PGI financing package from the US to any nation globally.
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