President Hakainde Hichilema says funding for the Lobito Corridor project should be provided at a reasonable cost.
Hichilema stated that this should include joint ventures that would lead to vested interests and the best technology.
The Head of State said this at the opening session of the Partnership for Global Infrastructure and Investment Lobito Corridor Private Sector Investment Forum in Lusaka on Thursday.
He noted the need to work with partners to move away from what can be done without resources being wasted and value addition.
“Zambia, Angola and the Democratic Republic Congo should be prepared to tie themselves, sign whatever documents are required and raise money in order to complete the Lobito Corridor project,” Hichilema stated.
He commended partners such as the European Union, the United States of America, Africa Development Bank, African Finance Cooperation, including technocrats among others for their efforts in advancing the Lobito Corridor project thus far.
Hichilema highlighted the importance of recognising the business opportunities that would be brought about through the corridor.
“The government will endeavor to establish a framework for coordination based on the development of a common action checklist with deadlines and action points rather than memos,” the Head of State said.
He stressed that the Lobito Corridor project was a once-in-a-generation endeavor that required backing and acceleration.
The President added that the Lobito Corridor was not a project involving writing of only memos but that the three nations would rely on their Ministries and technocrats to complete the work.
“The Lobito Corridor will pass through a lot of assets that can help the three countries mitigate climate change when pricing capital, discrimination against Africa occurs,” he noted.
The President emphasized how crucial it was to understand the commercial prospects the Lobito corridor would provide.
Hichilema expressed gratitude to DRC and Angola for enabling Zambia to participate fairly in the Lobito Corridor, indicating that allowing trade among participating nations would prompt modernity in society.
“I want to urge the private, public and capital providers to be specific on the opportunities this Corridor will bring to the three countries,” the Head of State advised.
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