by: Harry Johnson |
This strong EU commitment comes in the form of a major loan of €141.2 million from the European Investment Bank (EIB), the project’s main funder, and a €35 million grant from the European Union (EU).
This strategic project will have a major economic and social impact. The rehabilitation of this road corridor will facilitate the mobility and transport of people and goods in Chad. Some 7 million people are directly concerned.
This strategic 229 km road project in Chad is in line with the priorities of the Republic of Chad’s 2022-2026 National Development Plan and the objectives of the European Union and the EIB, in particular, under the Global Gateway initiative aimed at promoting the development of sustainable infrastructure.
The Republic of Chad’s Ministry of Economic Planning and International Partnerships and its Ministry of Infrastructure and Regional Development alongside the European Union and the EIB, through its EIB Global arm, announce the signing of a €176.2 million financing operation to rehabilitate the road corridor between Chad and Cameroon. This strong commitment comes in the form of a €141.2 million loan from the EIB, the project’s main funder, and a €35 million grant from the European Union.
The declaration was signed today by the Republic of Chad’s Minister of Economic Planning and International Partnerships Moussa Batraki, the Republic of Chad’s Infrastructure and Regional Development Minister Idriss Saleh Bachar, EU Ambassador to the Republic of Chad Koernaard Cornelis, and EIB Head of Division for Public Sector Operations in Africa Diederick Zambon.
This project forms part of Chad’s 2022-2026 National Development Plan, particularly in terms of development of a diversified and competitive economy and the need to open up rural production areas. The project is also aligned with the EU Global Gateway strategy to promote the implementation of reliable and sustainable infrastructure for the benefit of the general public.
This project will have a major economic and social impact
The rehabilitation of this road corridor will facilitate the mobility of people and goods between Chad and Cameroon and improve access to administrative, social and economic services for people living along this arterial route.
The expected economic impacts are all the more important thanks to the fact that there is direct access to the port of Douala.
Once this road corridor has been rehabilitated, it will contribute to the mobility of nearly 7 million people in the country and open up an entire region in Chad.
The modernisation of this almost 600 km long road corridor between N’Djamena and Douala in Cameroon is aligned with the objectives of the Programme for Infrastructure Development in Africa in order to promote socioeconomic development and reduce poverty in Africa by improving access to integrated regional and continental infrastructure networks and services.
This project is also aligned with the EIB’s commitments to the objectives of the Sahel Alliance, particularly in terms of its first and second priorities to support rural development and improve decentralisation and access to basic services.
EIB’s commitment in Chad
Since the beginning of its operations in the mid-1970s, the EIB has supported the Republic of Chad. It has invested nearly €260 million in the banking, energy and transport sectors, and in support of the private sector via microloans.
“This project was included by the European Commission under the Global Gateway EU-Africa investment package, the European Union’s connectivity strategy designed to create smarter, cleaner and more secure links in the digital, energy and transport sectors and improve health, education and research systems worldwide,” said EU Ambassador to the Republic of Chad Koernaard Cornelis
“I am pleased that the Bank is participating in the implementation of such an important project. By contributing financially but also technically to this road corridor, the EU bank is showing its commitment to the development of major strategic infrastructure for the benefit of the general public.
I wish to thank the Republic of Chad for the trust placed in our institution and the quality of our partnership for so many years. On behalf of the EIB, I wish to reiterate that we will stand with Chad and support it in addressing the challenges facing the country.”
EIB Vice-President Ambroise Fayolle
“With this loan, the Bank is increasing its activity in Chad. Our commitment to Africa is demonstrated not only with this project but also generally via EIB Global, our development arm designed to finance high-impact projects while strengthening our partnerships. We strive to support key sectors across Africa, including innovation, renewable energy, water, agriculture and transport,” said EIB Head of Division for Public Sector Operations in Africa Diederick Zambon.
Full article: Team Europe finances Corridor Between Chad and Cameroon
Copyright: eTurboNews – Travel Industry News – World Travel News