Funders Commit $1.3 Billion to Zambia Critical-Minerals Rail

The Africa Finance Corp. and the African Development Bank committed $500 million each to a railway that will connect Zambia’s copper mines to global markets through the Angolan port of Lobito.

In addition, Italy will provide $320 million for the project, AFC Executive Director and Chief Investment Officer Sameh Shenouda said at a conference in the Kenyan capital, Nairobi, on Thursday. The pan-African lender is lead developer and sponsor of the project.