26-05-2025
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.
