Latest news with #railwayproject
Reuters
22-07-2025
- Business
- Reuters
Turkey secures 2.4 bln euro green financing for rail to Azerbaijan's Nakhchivan
ISTANBUL, July 22 (Reuters) - Turkey secured 2.4 billion euro ($2.80 billion) in green financing for a railway project that aims to make a direct rail connection to Azerbaijan's Nakhchivan exclave, the state-run Anadolu Agency reported on Monday. Finance Minister Mehmet Simsek reposted the article by Anadolu on his X account and said the financing will strengthen Turkey's infrastructure, competitiveness and efficiency. Turkey signed the agreement with a group of lenders led by Japan's MUFG Bank, Anadolu said, adding the package is backed by Sweden's EKN and Austria's OeKB export credit agencies, as well as an unit of Islamic Development Bank. The project is part of Turkey's broader infrastructure strategy and expected to enhance regional trade and connectivity while supporting green transition goals, Anadolu said. ($1 = 0.8557 euros)
News24
24-06-2025
- Business
- News24
US sticks to plan for new African critical minerals railway
• For more financial news, go to the News24 Business front page. The US International Development Finance Corporation is finalising more than $500 million in financing for the Lobito corridor, a railway project that will haul critical minerals from central Africa's copper belt to an Atlantic port in Angola. The DFC is 'actively negotiating' with stakeholders, including the Angolan government and Trafigura Group over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in the Angolan capital, Luanda, on Monday. 'We remain very committed to that project overall and we're working tirelessly to make sure that project is effectuated,' he said. The DFC first said it's reviewing financing for the project in 2023. Coleman declined to comment on the reasons for the delay, adding that they're unrelated to any changes the Trump administration has planned for the DFC. 'There's business as usual' at the DFC, Coleman said. 'You'll see us playing a lot in critical minerals infrastructure, both digital and transportation, as well as energy, especially here on the African continent.' The DFC has committed a $3.4 million technical assistance grant to Pensana's rare-earths extraction and processing project in Angola and is in talks to finance Carrinho Group's agricultural manufacturing plant through a senior secured-debt facility. In separate comments, Angola's Minister of State for Economic Coordination Jose de Lima Massano attributed the delays to contractual clauses, including guarantees sought by the funders. 'These aren't state loans,' Massano said. 'We're working to ensure the right conditions for private investment to advance quickly.' Neighbouring Democratic Republic of Congo is also asking the DFC to support plans to rehabilitate a railway line from the country's copper and cobalt mines around the town of Kolwezi that connects to the corridor, Congolese Transport Minister Jean-Pierre Bemba said. The country is already in talks with the European Union and the European Investment Bank about supporting a public-private partnership to develop the project, Bemba said. A small amount of planned funding for the project from USAID was blocked amid cuts to the agency by the Trump administration earlier this year. Congo's government plans to launch a tender to build the infrastructure in November, with the hope the railway may be running in three years, Bemba said. Congo is the world's biggest cobalt producer and second-largest copper miner, and has huge deposits of lithium that could be shipped along the line. The Trump administration has shown a keen interest in Africa's critical minerals as it seeks to challenge China's dominance. While the US lags China in the minerals race in Africa, it's 'not too late,' Coleman said. China currently processes all the minerals it extracts from the continent in China, 'and that's not what any of the countries want,' he said. There is room for the US and for the countries to diversify their customer base and think differently about beneficiation, Coleman said. 'There's opportunity in the lateness.'
Yahoo
24-06-2025
- Business
- Yahoo
US Finalizing $500 Million for African Critical Minerals Railway
(Bloomberg) -- The US International Development Finance Corp. is finalizing more than $500 million in financing for the Lobito corridor, a railway project that will haul critical minerals from central Africa's copper belt to an Atlantic port in Angola. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts 'We Were Failed': Johannesburg Transit Access Remains Scant for Commuters The DFC is 'actively negotiating' with stakeholders, including the Angolan government and Trafigura Group over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in the Angolan capital, Luanda, on Monday. 'We remain very committed to that project overall and we're working tirelessly to make sure that project is effectuated,' he said. The DFC first said it's reviewing financing for the project in 2023. Coleman declined to comment on the reasons for the delay, adding that they're unrelated to any changes the Trump administration has planned for the DFC. 'There's business as usual' at the DFC, Coleman said. 'You'll see us playing a lot in critical minerals infrastructure, both digital and transportation, as well as energy, especially here on the African continent.' The DFC has committed a $3.4 million technical assistance grant to Pensana Plc's rare-earths extraction and processing project in Angola and is in talks to finance Carrinho Group's agricultural manufacturing plant through a senior secured-debt facility. In separate comments, Angola's Minister of State for Economic Coordination Jose de Lima Massano attributed the delays to contractual clauses, including guarantees sought by the funders. 'These aren't state loans,' Massano said. 'We're working to ensure the right conditions for private investment to advance quickly.' Neighboring Democratic Republic of Congo is also asking the DFC to support plans to rehabilitate a railway line from the country's copper and cobalt mines around the town of Kolwezi that connects to the corridor, Congolese Transport Minister Jean-Pierre Bemba said. The country is already in talks with the European Union and the European Investment Bank about supporting a public-private partnership to develop the project, Bemba said. A small amount of planned funding for the project from USAID was blocked amid cuts to the agency by the Trump administration earlier this year. Congo's government plans to launch a tender to build the infrastructure in November, with the hope the railway may be running in three years, Bemba said. Congo is the world's biggest cobalt producer and second-largest copper miner, and has huge deposits of lithium that could be shipped along the line. The Trump administration has shown a keen interest in Africa's critical minerals as it seeks to challenge China's dominance. While the US lags China in the minerals race in Africa, it's 'not too late,' Coleman said. China currently processes all the minerals it extracts from the continent in China, 'and that's not what any of the countries want,' he said. There is room for the US and for the countries to diversify their customer base and think differently about beneficiation, Coleman said. 'There's opportunity in the lateness.' Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? What Mike Tyson and the Bond Market Can Teach Trump on Debt ©2025 Bloomberg L.P. Sign in to access your portfolio
Zawya
15-05-2025
- Business
- Zawya
Oman: Landowners affected by railway project to get compensation
The Directorate General of Housing and Urban Planning (MoHUP) in North al Batinah called on citizens whose properties are affected by the railway project to visit the directorate to complete procedures related to financial compensation and land valuation. The affected plots, which include residential, commercial, and industrial uses, require the presence of landowners to ensure timely processing. The review process will take place during official working hours from May 18- 30. According to the ministry, landowners are requested to bring the following documents: original property ownership deeds for the affected lands, personal identification documents of the landowner, and legal declarations in cases of inheritance or death. In cases where the landowner is unable to attend in person, a valid power of attorney must be presented. ZAKIYA AL HUSSAINI 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. ( ZAKIYA AL HUSSAINI
