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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.

With his visit to Angola today, Joe Biden becomes the first US president to travel to sub-Saharan Africa in nearly a decade.

More historic still is the undertaking at the center of his trip: the revival of a railroad dating back more than 120 years.

It’s a project that’s set to pose a challenge to President-elect Donald Trump’s China policy.

The Lobito Atlantic Railway that connects an Angolan port with copper-rich mines in the Democratic Republic of Congo is getting an $866 million facelift, mostly financed by the US.

Railway workers repair the Lobito line in eastern Angola. Photographer: Zinyange Auntony/Bloomberg

It’s unfamiliar territory for Washington. The US has little experience in financing large infrastructure projects in Africa; governments including Angola’s have largely looked to Beijing for that, building up billions of dollars in debt that some are now struggling to repay.

The Biden administration stresses that what’s known as the Lobito Corridor isn’t just about securing access to minerals critical to the shift away from fossil fuels, but developing solar energy, agriculture and mobile connectivity in the region, too. Companies have pledged nearly $5 billion in investment across such sectors.

US ambitions don’t end with the 1,100-mile rail line. Biden’s also backing a planned new 500-mile connection into Zambia that’s estimated to cost about $1.6 billion. The goal is to link it with a Chinese-built railway running to Africa’s east coast in Tanzania.

Yet the US is late to the game. China has already made major inroads in countries like Angola and Congo, where its companies dominate mining production.

Questions swirl about what a Trump presidency will mean for the Lobito project. Many expect bipartisan support in Congress for action against China to translate into a policy of continuation.

Trump expressed disdain for Africa during his first term. He may have to pay the continent more attention in his second. — Matthew Hill

WATCH: Bloomberg’s Jennifer Zabasajja reports on Biden’s trip to Angola.

Global Must Reads

French Prime Minister Michel Barnier warned that the nation has reached its “moment of truth,” with far-right leader Marine Le Pen expected to partner with a left-wing alliance to topple his government in a vote due tomorrow. Le Pen’s National Rally and the leftist group filed motions yesterday to hold no-confidence votes and parties that support Barnier don’t have the numbers to counter the move, potentially triggering more punishment for France’s sovereign debt.

Le Pen at the National Assembly in Paris yesterday. Photographer: Amaury Cornu/Getty Images

China’s top leaders plan to start their annual conclave next week to map out economic targets and stimulus plans for 2025, sources say. Expectations among investors are high for the meeting to discuss keeping next year’s growth goal in line with the 2024 target of around 5%, despite Trump’s return to the White House heralding a tariff war that could decimate bilateral trade.

India has sharply reduced orders from Russia for military hardware and is buying more from Western suppliers, according to officials, a significant policy shift for a nation traditionally reliant on arms from the Kremlin. Plans to jointly develop and manufacture helicopters and advanced fighter jets were shelved some time ago, while a separate proposal to lease a nuclear-powered submarine from Russia to train Indian crew is also unlikely to move forward, sources say.

Israel “remains obligated” to a US-backed ceasefire after carrying out airstrikes in Lebanon yesterday in response to Hezbollah’s first attack under the truce, the army said, shrugging off fears that the agreement might collapse. The US-brokered deal, in effect since Wednesday, sought to suspend more than a year of hostilities that had raged in parallel to the Israel-Hamas war in Gaza.

Colombia’s Finance Minister Ricardo Bonilla has been hit with fresh accusations in an alleged corruption scandal, prompting opposition lawmakers to call on him to step aside just as the government tries to navigate a deepening fiscal crisis. President Gustavo Petro has warned that Colombia risks defaulting on its debt if Congress rejects the government’s budget bill under Bonilla. The finance minister denies any wrongdoing.

The Pentagon announced a $725 million arms package for Ukraine drawn from US inventories, including battery-powered “non-persistent” anti-personnel mines, air defense missiles, TOW and Javelin anti-armor weapons and 155mm artillery shells.

The establishment of a new NATO command center for coordinating training and security assistance to Ukraine is running behind schedule, sources say.

The rekindling of fighting in Syria comes after a four-year lull in a civil war that first broke out in 2011. Read our explainer here on the origins of the conflict, the domestic players, and the external parties that have their own agenda.

Partial results from Namibia’s elections show the desert nation is on course to appoint the ruling South West African Peoples Organisation’s Netumbo Nandi-Ndaitwah as its first female leader since gaining independence almost 35 years ago. 

Prime Minister Keir Starmer said the UK doesn’t need to trade off its special relationship with the US against its European alliances, despite concerns that Trump’s tariff plans will drive a wedge between them.

Washington Dispatch

Although he has yet to take office, Trump will make a high-profile visit to Paris on Saturday for celebrations marking the restoration of the Cathedral of Notre Dame after the devastating 2019 fire.

The restored interior of Notre-Dame cathedral. Photographer: Christophe Petit Tesson/AFP/Getty Images

“President Emmanuel Macron has done a wonderful job ensuring that Notre Dame has been restored to its full level of glory, and even more so. It will be a very special day for all!” he announced.

Macron would become the third foreign leader to meet with Trump since his victory in last month’s election. Trump hosted Canadian Prime Minister Justin Trudeau and Argentine President Javier Milei at his Mar-a-Lago resort in Florida.

Last weekend, Trump said he’d nominate Charles Kushner as US ambassador to France, offering a prime diplomatic post to his son-in-law’s father and a real-estate developer he once pardoned.

One person to watch today: Biden will meet with President João Lourenço of Angola before delivering remarks at the National Museum of Slavery in Luanda.

Sign up for the Washington Edition newsletter for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television.

Chart of the Day

Oil prices edged higher ahead of an OPEC+ supply meeting on Thursday, with wider markets buoyed by hopes China’s leadership will approve more stimulus at a major meeting next week. Traders still expect the producer group to further delay restoring some production due to concerns of a glut next year. The recent lackluster price action has sent gauges of implied volatility in benchmarks Brent crude and West Texas Intermediate to the lowest in about two months.

And Finally

China has a long history as an outsourcing hub for foreign pharmaceutical companies and a producer of drugs that mimic what’s already on the market. Now, it’s becoming a key hunting ground for truly novel therapies, causing a rush of biotech dealmaking and visits by drugmakers’ heads of R&D. But at a time when geopolitical tensions are hitting industries from semiconductors to electric vehicles, there are concerns over how the incoming Trump administration will react to what is a rare bright spot for collaboration between the West and China.

AstraZeneca’s booth at the China International Import Expo in Shanghai. Source: Costfoto/NurPhoto/Getty Images

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