New central infrastructures to boost the sustainable development of Côte d'Ivoire
The rehabilitation of the Eastern Corridor road and the construction of four bridges, thanks to a EUR 212 million financing, will enhance commercial trade and Ivorian population’s mobility by 2024.
The Ivorian road network has various damaged roadways representing approximately 60-80% of the network. Recognizing the need to develop successful road infrastructures to ensure growth, trade, and investments in Côte d’Ivoire, the President signed a treaty on the creation of the Abidjan-Lagos Corridor in March 2014 in Yamoussoukro. This Eastern Corridor is not only a six-lane dual carriage way that meets international standards connecting Abidjan, Accra, Lomé, Cotonou and Lagos; it also fosters economic activities in the sub-region. It will eventually link seaports in West Africa to the nations of Burkina Faso, Mali and Niger. To this day, the Eastern Corridor Road is definitely the major east-west transport corridor in West Africa.
Moreover, in order to respond to the challenges of a growing economy and to ensure the efficient transportation of both goods and people including in terms of safety, the Ivorian authorities have implemented a National Road Development Programme 2016-25. This plan aims at building and rehabilitating road and bridge infrastructures throughout the country to provide access to the rural populations and improve transportation services implying strong positive social and economic impacts.
Today, thanks to EUR 176.79m and FCFA 23bn (≈ EUR 35m) loan facilities, the Ministry of Equipment and Road Maintenance of Côte d’Ivoire will finance the rehabilitation of the Eastern Corridor road as well as the construction of four new bridges. The construction work being carried by Colas Afrique will be completed by 2024.
The Eastern corridor road project, which follows the Northern road project, confirms the will of the Ivorian authorities to develop a modern, efficient, and responsible road network. Colas Afrique, as a local builder, is proud to contribute to the development of this infrastructure serving the people, in Côte d'Ivoire and elsewhere on the African continent, while respecting Colas group’s values. Together with its financial partners, Societe Generale group makes every effort to provide the most competitive project financing solutions to its customers beyond its recognized technical capabilities. ”
Marcel ALLOU, Director of Côte d’Ivoire, Colas Afrique
COMMITTED TO THE SUSTAINABLE DEVELOPMENT OF AFRICA
This financing copes with Societe Generale's long history of sharing with Africa and its "Grow with Africa" initiative, that aims to contribute collectively to the sustainable development of the continent, in partnership with local territories and actors.
By financing these key infrastructure projects, Societe Generale has assisted in the meeting of the following United Nations’ Sustainable Development Goals:
- #8 Promote inclusive and sustainable economic growth, employment and decent work for all
- #9 Build resilient infrastructure, promote sustainable industrialization and foster innovation
- #11 Make cities inclusive, safe, resilient and sustainable
Besides, this financing obtained the Positive Impact Finance label. On that note, the bank continues to enrich its “Sustainable and Positive Impact Finance” offering.
Societe Generale demonstrates once again its ability to support key customers in Africa, with a comprehensive financing solution in Euro and CFA Francs for large-scale projects. The Group's expertise in Export Finance and local structuring through Structured Finance Group combined with Société Générale Côte d’Ivoire and the cooperation with UKEF led to this great achievement.