The African Development Bank, AfDB says it has approved a $70m
loan for a road project in Ebonyi.
The bank said on its website on Friday that it would provide $40
million, while its co-financier, the Africa Growing Together Fund
(AGTF), would contribute $30 million for the project.
It also said that the bank group’s funding would 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.
The bank noted that the project was expected to be completed in
five years.
AfDB said the project would 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 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,” it said.
The bank added that the project was in line with its development
agenda.
It said that the project attested to its 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 $630 million in financing
the sector, including a $69.9 million facility through the private
sector,” it said.
NAN
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