By MICHAEL EBOH

Africa Finance Corporation, AFC, is partnering with the African Development Bank, AfDB, and the government of Côte d’Ivoire to invest N52.65 billion (270 million euro) in the financing of a bridge project in Côte d’Ivoire.

The AFC, in a statement yesterday, said the project involves the design, construction, financing, commissioning and operation of a third bridge with three lanes in each direction, across the Ebrié lagoon, connecting Abidjan’s residential Riviera district directly with the commercial district of Marcory.

Once completed, according to the AFC, the new toll bridge will connect residential and industrial areas, and provide easier access to the city of Abidjan.

President & Chief Executive Officer, AFC, Mr. Andrew Alli, said AFC and the AfDB acted as Mandated Lead Arrangers to the subordinated and senior facilities, respectively, to a syndicate of seven international lenders.

He disclosed that the AFC provided an aggregate commitment of N7.8 billion (40 million euro), comprising senior and junior loan facilities, and an equity investment.

According to Alli, the bridge is expected to reduce transportation costs by easing congestion over the existing two (non-tolled) bridges crossing the lagoon within the city.

He added that the bridge will be constructed by the key sponsor of the project – Bouygues Group, under a turnkey fixed price arrangement, while the Government of Côte D’Ivoire will provide a 30-year concession with strong Government support.

Continuing, Alli said, “Given the scale of Africa’s infrastructure requirement and investment deficit, the public and private sectors have to come together to develop innovative ways to provide much needed infrastructure on the continent. “The true partnership between the government and the private sector on the Konan Bedie Bridge project is a good example of how this can be done.

“AFC’s 40 million euro commitment to this project, together with its recent US$100 million financing of Société Ivoirienne de Raffinage, demonstrates the Corporation’s strong commitment to support Cote d’Ivoire’s development.

The Corporation will continue to work with the Government of Cote d’Ivoire and other African governments as well as other institutions to deliver projects that will have a positive impact on economic development.”