Benin has secured an 80 million euros loan facility from the African Development Bank (AfDB) to improve and expand Cotonou harbor, one of the main maritime access points for landlocked countries in West Africa. The loan is split into two: €55 million from the African Development Bank and €25 million from Africa Growing Together Fund, a special fund co-financed by the African Development Bank and the People’s Bank of China, Abidjan-based institution said on Wednesday. For Joseph Ribeiro, Deputy Director General for West Africa at the African Development Bank, the investment would strengthen the Bank Group’s operations in Benin. “This will cut transit time in the port area to two hours and relieve congestion along nearby roads. The Port of Cotonou is a transit port that handles an average of 80 to 90 merchant vessels monthly.

Source: The North Africa Journal July 20, 2023 11:30 UTC