(Bloomberg) -- US International Development Finance Corporation is reviewing $250 million in financing for the Lobito Atlantic Railway Corridor between Angola and Democratic Republic of Congo, according to the White House. 

The funding is part of President Joe Biden and G-7’s Partnership for Global Infrastructure and Investment initiative for low and middle income countries. 

The Lobito project is “the first step to connect and develop trading and economic activity from Angola to the DRC that can help promote greater investments in agriculture, digital infrastructure, and expanded access to electricity,” the White House said Saturday. 

The US is “actively pursuing additional opportunities to connect the initial Lobito Corridor investments across the continent, to Tanzania and, ultimately, the Indian Ocean,” it said.

More details:

• The Lobito corridor and Benguela railway would provide new route for tens of billions of dollars in copper, cobalt from Zambia, Congo
• US Agency for International Development also announced digital payments initiative with Africell Holding SAL in Angola to support Internet and mobile money services across the Lobito Corridor
• Read: Angola, Zambia, Congo Set Up Agency to Manage Key Trade Corridor
• Read: Millions in Angola to Get Access to New Mobile-Money Service

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