European Investment Bank part-finances road connecting Guinea-Bissau and Senegal

The European Investment Bank (EIB) and Guinea-Bissau have signed an agreement that will finance part of the road linking Safim, in the east of the country, to Mpack, in Senegal, the Finance Ministry announced on Wednesday.
In a statement, the ministry said the agreement was signed Tuesday in Doha between the Finance Minister, Ilídio Té, and the vice president of the EIB, Thomas Ostros, and is worth 35 million euros and will fund construction of 65 kilometers of that road.
The construction of that stretch of road, which is around 115 kilometers long, has a total cost of 92.4 million euros, “with a substantial part of that funding provided by the World Bank as a donation, amounting to 66.38 million euros,” the statement said.
The road between Safim and Mpack is part of the Trans-African Coastal Corridor project, which links Dakar, in Senegal, to Lagos, Nigeria.
The Finance Ministry added that the road is “strategic” for Guinea-Bissau because it links the country to markets outside the Economic Community of West African States.

About Geraldine Boechat 2629 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia