President Joe Biden recently announced a significant pledge of hundreds of millions of dollars towards an ambitious trans-Africa rail project during his visit to Angola. This project aims to transport copper and cobalt from central Africa to the Atlantic port of Lobito. The funding for this project comes from a $553 million direct loan provided by the U.S. International Development Finance Corporation, established in 2019 to counter China's global infrastructure initiatives.
The U.S. agency marked its five-year milestone by emphasizing its commitment to advancing U.S. foreign policy and strategic interests worldwide. The agency's efforts include projects like the rail project in Angola and seek re-authorization from Congress to expand its investments in countries where there is a strategic need to compete with China.
