A consortium of international lenders and a U.S. development agency has signed a $553 million loan to finance the modernization of Angola’s railway network, according to the African Development Bank and reports by Reuters.
The financing package is expected to upgrade key rail lines, improve freight efficiency, and boost Angola’s capacity to move minerals and agricultural products to ports, the AfDB noted. Officials highlighted that the project will create jobs and strengthen regional trade connectivity, according to CNBC Africa.
Project stakeholders emphasized that the loan demonstrates continued international confidence in Angola’s infrastructure sector and its potential as a regional logistics hub, Reuters reported.
