The African Development Bank (AfDB) has approved a US$70mn loan for a road project in Nigeria’s southeastern Ebonyi State
The Bank will provide US$40mn, while its co-financier, the Africa Growing Together Fund (AGTF), will contribute US$30mn.
The Islamic Development Bank is also providing Nigeria with a loan of US$80mn, while the Ebonyi State Government will provide US$17.60mn, for a total project cost of US$167.60mn.
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 Nigeria’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 AfDB’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$630mn in financing the sector, including a US$69.9mn facility through the private sector.
