The African Development Bank Group on Wednesday 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 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, 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.