Ghana, others to raise $50m seed money for Abidjan-Lagos corridor road

December 12, 2013 6:01 PM

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Ghana, others to raise $50m seed money for Abidjan-Lagos corridor road

Page last updated at Thursday, December 12, 2013 18:18 PM //

Ghana has agreed to join four other West African countries to raise $50 million as seed money for the implementation of the Abidjan-Lagos road corridor project.

In agreeing to raise the funds at a meeting in Yamoussoukro December 10, 2013, the five ECOWAS Member States including Ghana, Nigeria, Ivory Coast, Benin and Togo who are involved in the project believed the move will ensure speedy implementation of the 1028-km project.

A statement issued by ECOWAS, said the money would help “fund preparatory activities and provide further evidence of commitment by the countries for public and private sector operators interested in investing in the project”.

The five nations represented at the meeting by their Ministers of the Road Infrastructure and Works mandated the ECOWAS Commission to engage with partners to submit proposals for transaction advisory services and the mobilization of external funding for the project.

The Commission was also authorized to finalise a joint funding request for the five countries to the African Development Bank (AfDB) to be signed by their Ministers of Finance.

Officials say the six-lane highway is expected to carry about 75% of goods transported in the region, linking most of its major ports.

Source: ghanabusinessnews.com

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