DR Congo and Zambia to establish hubs to produce electric vehicles
Special Economic Zones (SEZ) are to be established in Zambia and the Democratic Republic of Congo for the production of electric vehicles (EVs).
The African Export-Import Bank (Afreximbank) and the UN Economic Commission for Africa (ECA) have signed a project framework agreement with the two countries.
The African nations are endowed with key minerals used in the manufacture of batteries for EVs.
The DRC accounts for approximately 70% of global cobalt supply and 88% of cobalt exports.
The two countries collectively contribute 11% of all copper supply globally.
Mining is also a critical sector for both nations, contributing 70% of Zambia’s foreign exchange.
Cobalt accounts for 26% of the DRC’s exports.
“DRC and Zambia are well positioned to establish leadership in the strategically pivotal electric vehicle (EV) sector, being well-endowed with the resources necessary to produce battery minerals,” said the Bank.