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UPDATE 1-African Development Bank approves 770 mln euro loan for Ivory Coast
December 16, 2016 / 5:04 PM / 10 months ago

UPDATE 1-African Development Bank approves 770 mln euro loan for Ivory Coast

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ABIDJAN, Dec 16 (Reuters) - The board of the African Development Bank (AfDB) has approved a 770 million euro ($805 million) loan for Ivory Coast for road upgrades in the commercial capital Abidjan, the bank said on Friday.

The money will finance a 1,400-metre bridge - the city’s fourth straddling the Ebrie Lagoon - connecting the Plateau and Adjame areas in the city centre with the Yopougon residential neighbourhood.

“The project ... will allow for an improvement in traffic flow, reduce road accidents, reinforce urban management (and) improve air quality,” said Amadou Oumarou, the bank’s director for transportation.

In addition to the bridge, the loan will pay for upgrades or construction of 88 km (55 miles) of urban highways, six interchanges and stoplights for 89 intersections.

Ivory Coast, French-speaking West Africa’s largest economy, has invested heavily in infrastructure since a 2011 civil war brought to an end nearly a decade of political unrest.

It is on track to be Africa’s fastest growing economy this year, according to the International Monetary Fund. ($1 = 0.9567 euros) (Reporting by Joe Bavier; Editing by Alison Williams)

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