The Africa Finance Corporation (AFC) plans to begin raising debt and equity in the third quarter for a new railway line in Zambia, as part of a broader push to develop a strategic minerals corridor linking Central Africa to the Atlantic coast.
The Lagos-based institution is targeting financial close by the fourth quarter of 2027, with construction expected to begin immediately after funding is secured and completion slated for 2030. The rail project forms a key segment of the Lobito Corridor, a US-backed initiative designed to connect copper and cobalt deposits in Zambia and the Democratic Republic of the Congo to Angola’s Atlantic port.
The move was disclosed by Amadou Wadda, senior director of portfolio management at the corporation, at an infrastructure conference in Nairobi on Friday.
The project underscores intensifying competition over access to critical minerals, with Western-backed financing efforts seeking to counter China’s long-standing influence in African infrastructure and mining corridors.
AFC, the lead developer of the Lobito Corridor, expects to receive contractor proposals for the Zambian section of the railway by the end of May, following the completion of feasibility studies. The Zambian leg will span about 515 kilometres, linking to an additional 315 kilometres of rail planned in the Democratic Republic of the Congo, which will connect to Angola’s existing Benguela line.
While the total cost of the Zambian segment has not been disclosed, early commercial traction is beginning to emerge. Wadda said the corporation has already secured preliminary agreements to transport about 1 million tonnes of cargo—roughly half of the minimum volume required to ensure the project’s viability.
The corridor is being developed against the backdrop of the Southern African nation’s ambition to expand copper production, with authorities targeting a threefold increase in output to 3 million tonnes by 2031. Copper accounts for about 70% of the country’s export earnings, making transport infrastructure critical to scaling production and improving export efficiency.
Rising global copper prices have added urgency to the project. Prices surged nearly 50% in 2025, crossing $13,000 per tonne for the first time, strengthening the investment case for logistics infrastructure tied to mineral exports.
Momentum is also building at the asset level. Zambia is preparing to reopen the Luanshya Copper Mine after more than two years of inactivity caused by flooding. Officials say about 87.9 million cubic metres of water have been pumped out as of late March, clearing the way for redevelopment. Once fully operational, the mine is expected to produce around 100,000 tonnes annually by 2030.
With early cargo commitments in place and construction timelines aligned with Zambia’s production targets, the fundraising push marks a critical step in advancing one of Africa’s most strategically significant rail projects.
