Mar 30, 2017 Last Updated 9:01 AM, Mar 30, 2017

AfDB to offer $3.5 million loan for IGAD infrastructure plan

logistics centre railroad seaportABNABN - The Intergovernmental Agency on Development (IGAD) will receive a US$3.5 million grant from the African Development Bank, in order to finance the organisation’s Infrastructure Master Plan (IRIMP).

IGAD is comprised of eight governments in East Africa, including Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda.

The agency’s infrastructure plan aims to develop structural links in the region, which will aid physical and economic integration across the area, while promoting trade and poverty reduction among the East African nations.

The project will be completed over the next three years, and is estimated to cost around $3.69 million in total, with the majority of this provided by the agreed $3.5 million grant from the African Development Fund (ADF), the subsidy arm of AfDB.

The project will advance regional infrastructure for transport, energy ICT and transboundary water schemes, aiming to stimulate job creation, enhance opportunities for women and increase inter-regional business opportunities.

Furthermore, the investment is expected to spur further investment mobilisation and financing in other similar infrastructure projects.

@ABNetworkOnline

 

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