EconomyLens.com
No Result
View All Result
Monday, October 12, 2026
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

In Angola, Biden promises to invest differently to China

Emma Reilly by Emma Reilly
December 4, 2024
in Economy
Reading Time: 6 mins read
A A
1
39
SHARES
492
VIEWS
Share on FacebookShare on Twitter

US President Joe Biden is the first US president to travel to Angola. ©AFP

Lobito (Angola) (AFP) – President Joe Biden will make the case on Wednesday in Angola that the United States must do better rather than more than China to regain influence in Africa. Biden is on the second day of a visit to the African country, where the United States is showcasing a major infrastructure project aimed at countering China’s investments on the continent.

Related

Policymakers take on energy shock, rising debt at IMF-World Bank meetings

Zelensky surprised, Moscow mum as Trump announces energy ceasefire

Trump says Russia and Ukraine agree to ‘energy ceasefire’

Ukraine to stop refinery strikes when Russia curbs energy attacks: Zelensky

South Korea completes trial of Arctic shipping route

“The investment from the United States versus from others, it’s not about more or less, it’s about (being) different,” a senior US administration official told reporters. “Others (are) coming in with very large checks, building a lot of stuff, but that is with high interest rates on debt…and it doesn’t come with any of the commitments to their society,” the source added.

The outgoing president had promised to visit sub-Saharan Africa during his time in office and is the first US president to travel to Angola, a former Portuguese colony once allied to the Soviet Union. But the trip takes place as the 82-year-old readies to leave the White House with little political weight left, raising questions about the impact of the visit.

On Tuesday, Biden met his counterpart President Joao Lourenco, 70, who was elected in 2017, and delivered remarks at the National Slavery Museum where slaves were once shipped to the Americas. The Democrat’s schedule on Wednesday will be focused on the economy and a visit to Lobito port, around 500 kilometers (310 miles) south of the capital, Luanda. He will also visit a food processing factory before attending a summit on infrastructure with the leaders of Angola, the Democratic Republic of Congo (DRC), Zambia, and Tanzania.

The US president is expected to announce fresh investments worth $600 million for the Lobito Corridor, a massive infrastructure project aimed at transporting critical minerals from inland countries to the Angolan port for export. The White House has said the initiative would also help develop communities around the railway, including boosting agriculture and business in general.

– Reducing 45 days to 45 hours –

The Lobito railway, also funded by the European Union and others, will reduce the time needed to transport minerals from the DRC and Zambia to Angola from 45 days to 45 hours, according to the US administration. Biden’s team said it was confident that President-elect Donald Trump, who will be sworn in on January 20, will support the project that is widely seen as an alternative to Chinese investments on the continent.

“You can’t stand up and say, I want to compete with China…and not support what’s happening here,” the senior administration official said. The Republican president-elect is known for wanting to be “tough” on China and has promised blanket tariffs, raising concerns of a trade war. During his first term, Trump did not pay much attention to Africa, a continent he once reportedly described as home to “shithole countries”.

For the Lobito Corridor to be a real success, the United States will have to cooperate with China because it “dominates the mining sector,” in particular in the DRC and Zambia, according to Mvemba Phezo Dizolele, director of the Africa Program at the DC-based Center for Strategic and International Studies. “Critics of the (Lobito) project,” he said, “charge that it is as extractive and exploitative as the Chinese Belt and Road Initiative” — China’s flagship international infrastructure project.

© 2024 AFP

Tags: AfricainfrastructureUS-China relations
Share16Tweet10Share3Pin4Send
Previous Post

OECD warns of protectionism weeks before Trump return

Next Post

Seoul stocks weaken, Paris advances despite political turmoil

Emma Reilly

Emma Reilly

Related Posts

Economy

Zelensky blasts diesel deal as Russian strikes kill 16

October 10, 2026
Economy

China agrees to ‘moderate’ car exports to Europe: EU commerce chief

October 9, 2026
Economy

China, EU agree on dialogue, cars and rare earths after trade talks

October 9, 2026
Economy

More than just football: How scandal-tainted City led Manchester’s rebirth

October 9, 2026
Economy

Nigeria looks to ease fuel prices as election looms

October 8, 2026
Economy

Saudi kindergarten hit by debris as Houthis say Riyadh airport targeted

October 9, 2026
Next Post

Seoul stocks weaken, Paris advances despite political turmoil

Ghana's illegal mining boom seeps into presidential election

France's Orano says Niger junta controls uranium firm

UNESCO grants heritage status to Aleppo soap as Syria war flares

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
1 Comment
Oldest
Newest Most Voted
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

104

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Oil rises as Saudi Arabia vows resonse to attacks

October 12, 2026

Meta says its new AI models on par with OpenAI, Anthropic

October 12, 2026

UK retains early access to test latest US AI models

October 12, 2026

French supermarkets suffer refrigerator shutdown after ‘unprecedented’ cyberattack

October 12, 2026
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Your Privacy Choices

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2026 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.