Latest news with #Menomadin&MitrelliGroup
Business Insider
26-05-2025
- Business
- Business Insider
Lobito Corridor initiative launched with $100M to drive regional growth in Africa
A $1 billion impact development platform, the Lobito Corridor Impact Development Platform (LCID) focused on the Lobito Corridor in Africa has officially launched, with a $100 million joint commitment from businessman, Haim Taib and Angola's Sovereign Wealth Fund (FSDEA). The Lobito Corridor Impact Development Platform (LCID) was launched with a $100 million commitment to enhance U.S.-Africa cooperation. The initiative aims to foster sustainable economic growth through investments in diverse sectors such as agriculture, healthcare, and infrastructure. It targets Angola, the Democratic Republic of Congo, and Zambia to promote regional integration and local value creation. The Lobito Corridor Impact Development Platform (LCID) aims to strengthen U.S.-Africa cooperation through investments in agriculture, infrastructure, healthcare, light industry, education, and digital inclusion—promoting economic growth and regional integration across Angola, the DRC, and Zambia. 'This landmark private initiative will fuel sustainable, inclusive development across Angola, through the DRC, and into Zambia,' said Haim Taib, Founder and President of the Menomadin & Mitrelli Group. Speaking to Business Insider Africa, Taib emphasized the platform's distinction from government-led infrastructure projects: 'This platform differs significantly from the broader Lobito Corridor infrastructure projects. In contrast, the Impact Platform emphasizes private-sector participation and social return, aiming to deliver direct benefits to communities across the region.' While Mitrelli is not directly involved in the fund, Taib said the group remains a strong partner: 'Mitrelli Africa has been in existence for years doing business in Africa... they are a strong partner in this fund.' He also praised collaboration with regional governments: 'Zambia is cooperating very well with us. And also we have some initial interest in DRC... I believe we will bring others, the African investor for this platform, I have no doubt.' Dr. Armando Manuel, Chairman of Angola's Sovereign Fund, said the goal is to improve lives through economic diversification: 'The core idea behind the infrastructure initiative is to create business opportunities, particularly targeting youth and women to ultimately improve living standards.' He added: 'This platform is bringing additional value by completing value chains... bringing all the sectors out of the extractive sector... making the economy more diversified.' The Lobito corridor project The Lobito Corridor project is a major transnational infrastructure and investment initiative designed to connect the Atlantic port of Lobito in Angola to the mineral-rich regions of the Democratic Republic of Congo (DRC) and Zambia. Strategically positioned, the corridor serves as a key gateway to global markets, particularly for exports of critical minerals such as copper and cobalt—materials that are essential for clean energy technologies, electric vehicles, and semiconductors. The Lobito Corridor Impact Development Platform represents a major shift in Africa's development approach—moving from reliance on public and donor-driven projects to private-sector–led investment. By engaging institutional and sovereign partners, it promotes sustainable, commercially viable growth. It also prioritizes inclusive development, targeting job creation for youth and women while driving economic diversification—an urgent need as donor funding declines across the continent. As Dr. Armando Manuel, chairman of Angola's Sovereign Wealth Fund, explained, the project also addresses Africa's over-reliance on imports especially in food and industrial goods by supporting domestic production and completing local value chains. 'This platform is just one example. I mean, a number of our countries are heavily dependent on imports—when we talk, for instance, about food security, I would say food sovereignty. We are heavily dependent on imports." "By implementing platforms like this, you create opportunities to improve the continent, the country. And leveraging the strategy deployed by the sovereign wealth fund, we are not only investing, but trying to fill the gaps we have within the value chains,' he added. The LCID Platform The Lobito Corridor Impact Development Platform (LCID) is a newly launched financial initiative aimed at mobilizing private investment across high-impact sectors, including agriculture, industrial production, pharmaceuticals, telecommunications, and mineral development. Its overarching goal is to foster sustainable and inclusive growth by enhancing local livelihoods, boosting food production, creating employment opportunities, and driving long-term prosperity in Angola, the Democratic Republic of Congo, and Zambia. Structured as an independent investment platform, the LCID seeks to accelerate Africa's next phase of industrial and human development. It invites participation from institutional investors, sovereign partners, and private investors—encouraging them to contribute capital, expertise, and credibility to a shared mission. Project selection will be managed by an independent investment committee through a transparent tender process, ensuring strategic alignment, measurable impact, feasibility, and financial viability.
Yahoo
14-05-2025
- Business
- Yahoo
Haim Taib, in Partnership With Angola Sovereign Fund, Launches $1 Billion Development Platform to Transform Africa's Lobito Corridor
Committed First $100 Million to Catalyze Inclusive Growth Across Africa's New Economic Artery WASHINGTON, DC / / May 14, 2025 / In a bold move to reshape Africa's position in the global economy, Haim Taib, Founder and President of the Menomadin & Mitrelli Group, announced today, in partnership with Angola Sovereign Fund, the launch of a $1 billion Lobito Corridor Impact Development (LCID) Platform. This landmark private initiative will fuel sustainable, inclusive development across Angola, through the DRC, and into Zambia. The platform opens with a joint commitment of $100 million from Haim Taib and Angola's Sovereign Wealth Fund (FSDEA)-$50 million by each. Its mission is to invest in catalytic projects across agriculture, infrastructure, healthcare, light industry, education, and digital inclusion that unlock economic value, empower local communities, and accelerate regional integration. The Lobito Corridor Impact Development Platform (LCID Platform) is designed as an independent investment platform to accelerate Africa's next phase of industrial and human development. The Platform invites institutional investors, sovereign partners, and private investors to join this mission, contributing capital, capabilities, and credibility. All projects will be evaluated and selected by an independent investment committee via tenders, ensuring strategic alignment, impact, feasibility and financial viability. Each project will be structured through a dedicated Special Purpose Vehicle (SPV), enabling local and international companies to invest in the projects that most appeal to them. "This is a once in a generation opportunity and a call for global investors to lead the development of this new trade route of the world," said Haim Taib. "The Lobito Corridor is not just a railway-it's a new economic artery for Africa. This represents opportunities for future development by Africans, supported by global partnerships focused on trust, innovation, and shared prosperity. It is an opportunity to reshape Africa's role in the global economy through strategic economic development and potentially impact the lives of 40 million people." Strategic Platform with Global Impact. Stretching from Angola's Atlantic Port of Lobito through the DRC and into the mineral-rich Copperbelt of Zambia, the Lobito Corridor is emerging as a key route to global markets. It supports faster and safer access to the critical minerals required for renewable energy, EVs, semiconductors, and industries-at a time when resilient supply chains have become a top priority for the United States and the world. This corridor aims to connect, in the future, the Indian Ocean with the Atlantic Ocean, traversing Africa from east to west. "The Lobito Corridor is more than infrastructure-it's a catalyst for inclusive development," said Dr. Armando Manuel, Chairman of FSDEA. "This partnership reflects a shared commitment to smart capital and strategic partnerships that prioritize long-term impact. It's an African-led model-with global relevance. This is just the beginning. We are calling on more sovereign funds and global investors to join us in transforming the Lobito Corridor into a platform for scalable growth, prosperity, and global partnership." The LCID Platform will focus on transformative projects that generate financial returns and advance national development goals in the countries along the corridor. Investment priorities include agro-industrial ventures, manufacturing, digital infrastructure, vocational training, SME development, and youth entrepreneurship. It's currently working with NAPSA-Zambia's public pension fund-to identify strategic projects and investments across the Lobito Corridor. This model-infrastructure as the foundation, human capital as the accelerator-aligns with the UN Sustainable Development Goals (SDGs) and offers a compelling investment framework for U.S. and global partners. Taib's holdings are expanding to the USA to facilitate direct collaboration with American financial institutions, tech leaders, and DFIs. The Washington-based platform aims to expand public-private partnerships and mobilize capital in line with Africa's green and digital transformation. ------------------------------------------------------------------------------------------------------------ About Haim Taib Haim Taib is a global entrepreneur and impact investor who has led and financed projects exceeding $10 billion across Africa, Europe, and the Middle East. As founder of Mitrelli Group, Menomadin Group, JETA, Luminar Impact Capital, and the Menomadin Foundation, he drives a powerful value chain focused on strengthening and developing nations. His work spans over 100 national-scale projects in infrastructure, energy, healthcare, food and water security, education, technology, and urbanization. With a clear vision and decades of experience, Taib is a trusted partner to governments and a driving force behind some of the most ambitious public-private initiatives in the Global South. About FSDEA The Fundo Soberano de Angola (FSDEA) is Angola's sovereign wealth fund, established to promote long-term economic growth and diversification and offers trusted entry points for global capital in Africa. Specializing in Strategic Investments, encompassing both Financial Markets and Alternative Assets, it is tasked with establishing a sustainable mechanism that ensures the maximization of long-term returns, the preservation of capital, and the support of sustainable socioeconomic growth in Angola and the region. This is achieved through investments in strategic sectors, both domestically and internationally, aimed at optimizing capital and facilitating the generational transfer of wealth. About NAPSA The National Pension Scheme Authority (NAPSA) is Zambia's public pension fund, responsible for managing social security contributions and investments to secure long-term financial stability for the country's workforce. As one of Zambia's largest institutional investors, NAPSA plays a critical role in driving national development through strategic investments in real estate, infrastructure, and capital markets-ensuring inclusive growth and retirement security for future generations. Contact Information Bridget Lewis Senior Account Executivebridget@ SOURCE: Javelin View the original press release on ACCESS Newswire
