Charles Ajunwa
The African Development Bank Group (AfDB) yesterday approved a US$70 million loan for a road project in 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 the 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 the
country’s eastern neighbour , Cameroun, in addition to connecting Ebonyi
to Benue and Enugu.
In line with its High
5s priorities, the project attests to the African Development Bank’s
commitment to improving 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
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