AFC, AfDB back Cote d'Ivoire's 270 million euros bridge project

AFRICA Finance Corporation (AFC), in conjunction with the African Development Bank (AfDB) and the Government of Cte d'Ivoire, has concluded the 270 million euros financing of the flagship bridge infrastructure project in Cte d'Ivoire.The project involves the design, construction, financing, commissioning and operation of a third bridge with three lanes in each direction, across the Ebri lagoon, connecting Abidjan's residential Riviera district directly with the commercial district of Marcory.AFC and the AfDB acted as mandated lead arrangers to the subordinated and senior facilities, respectively, to a syndicate of seven international lenders.AFC provided an aggregate commitment of 40 million euros comprising senior and junior loan facilities, and an equity investment.Once completed, the new toll bridge will connect residential and industrial areas, and provide easier access to the city of Abidjan.It is expected to reduce transportation costs by easing congestion over the existing two (non-tolled) bridges crossing the lagoon within the city.It will be constructed by the key sponsor of the project - Bouygues Group, under a turnkey fixed price arrangement.The Government of Cte D'Ivoire will provide a 30-year concession with strong government support.
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