China Ex­im­Bank lends Ivory Coast $210m to up­grade trans­port fleet

Daily Trust - - BUSINESS NEWS -

Ex­port-Im­port Bank of China (Ex­im­Bank) will lend 100 bil­lion CFA francs ($210 mil­lion) to Ivory Coast to over­haul its pub­lic trans­porta­tion sec­tor, the West African na­tion’s govern­ment spokesman said.

Speak­ing to

jour­nal­ists fol­low­ing a cab­i­net meet­ing on Wed­nes­day, Bruno Kone said the loan would carry a con­ces­sional in­ter­est rate but de­clined to give fur­ther de­tails on the lend­ing con­di­tions for the deal.

“This will tar­get the ac­qui­si­tion of new ve­hi­cles to re­new our age­ing fleet, which is of­ten the cause of ac­ci­dents,” Kone said. “Some 50,000 ve­hi­cles will be con­cerned over a pe­riod of five years.”

Ivory Coast - the world’s top co­coa grower and French­s­peak­ing West Africa’s largest econ­omy - is emerg­ing from a decade-long po­lit­i­cal cri­sis that ended in a 2011 civil war.

The govern­ment of Pres­i­dent Alas­sane Ou­at­tara is bor­row­ing heav­ily to fund a makeover of the coun­try’s in­fra­struc­ture in an ef­fort to fuel eco­nomic growth.

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