The European Investment Bank on Tuesday (12 December) signed an agreement to lend 833 million Francs CFA towards the cost of new rolling stock for the Abidjan-Niger Railway Company.
The European Investment Bank on Tuesday (12 December) signed an agreement to lend 833 million Francs CFA towards the cost of new rolling stock for the Abidjan-Niger Railway Company. The loan, repayable after 14 years at a total interest of 53.4 per cent, is actually for three million "units of account"--about 1.25 million pounds sterling.
The agreement was signed by M. Yves Le Portz, the Bank's President, and Ivorien ministers Henri Konan Bedie (Finance) and Grah Kadji (Transport). It followed the bank's first administrative council meeting to be held in Africa.
The 1,147 kilometres (715 mile) railway links Abidjan and Ouagadougou, the capital of Upper Volta, and plays an essential part in the transport systems of both states.
SYNOPSIS: The Ivory Coast's Economics and Finance ministry was the scene of an important public ceremony following a closed five-day session of the administrative council of the European Investment Bank, the first held in Africa.
Beneath a portrait of President Houphouet-Boigny, delegates gathered to sign a million and a quarter pound loan for new railway rolling stock. M. ???ves Le Portz, chairman of the bank, signed first.
Then it was the turn of M. Henri Konan Bedie, the Ivory Coast finance minister. The loan is repayable after fourteen years, and the interest will total fifty three point four per cent.
The Ivorien minister of transport, M. Grah Kadji, was ???ther signatory.
The Bank's vice-president also counter-signed the documents.
The money is an important boost for the line operated by the Abidjan, Niger Railway Company. The railway is important to the Ivory Coast, and it is also essential to land-locked Upper Volta, as it links its ???tel of Ouagadougou to Abidjan.
The European Investment ???nk was set up in 1958 by members of the European Common Market.