Nigeria: African Development Bank approves US$70 million loan for Ebonyi State road
The Bank will provide US$40 million, while its co-financier, the Africa Growing Together Fund (AGTF), will contribute US$30 million
Some 1,400 jobs will be created during the construction phase
The African Development Bank Group (www.AfDB.org), on Wednesday 24 April 2019 approved a US$70 million loan for a road project in Nigeria’s southeastern Ebonyi State.
The Bank will provide US$40 million, while its co-financier, the Africa Growing Together Fund (AGTF), will contribute US$30 million. The Islamic Development Bank is also providing Nigeria a loan of US$80 million, while the Ebonyi State Government will provide US$17.60 million, for a total project cost of US$167.60 million.
The Bank Group’s funding will cover the rehabilitation and asphalting of a 51 km stretch between Nwezenvi and N'Doko, and part of the corridor between N'Doko and Ezzamgbo spanning 38.91 km. It is expected to be completed in five years.
The project will aid the agricultural State of Ebonyi’s aspiration to develop special agro-industrial zones dedicated to processing of subsistence crops. It will improve road safety and accessibility of farming communities and small-scale industrial areas. Some 1,400 jobs will be created during the construction phase.
Once completed, the road network, which will cover a total 177.81 km, is expected to serve also as an international link between the State of Ebonyi and Nigeria’s eastern neighbor, Cameroun, in addition to connecting Ebonyi to Benue and Enugu.
In line with its High 5s priorities (http://bit.ly/2XN5Eb8), the project attests to the African Development Bank’s commitment to improve the quality of life of Africans by improving accessibility and road safety in its member countries.
The Bank began financing transport projects in Nigeria in 1972 and has since provided the equivalent of US$630 million in financing the sector, including a US$69.9 million facility through the private sector.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
About the African Development Bank Group
The African Development Bank Group (www.AfDB.org) is the premier development funding institution in Africa. It is composed of three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With a presence in 41 African countries and an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member States.