Rabat - The construction of the subway in Abidjan, Ivory Coast will be funded by Morocco’s Groupe Banque Centrale Populairde (GBCP) and its subsidiaries.
Rabat – The construction of the subway in Abidjan, Ivory Coast will be funded by Morocco’s Groupe Banque Centrale Populairde (GBCP) and its subsidiaries.
GBCP’s subsidiaries Banque Atlantique Côte d’Ivoire (BACI) Mali and Bénin, as well as Atlantique Finance have financed a loan of nearly €40 million (CFAC 26.2 billion) to Abdijan’s Rail Transport Company (STAR), according to Maroc Hebdo news.
The loan terms for the construction of the Abidjan Metro were made official in an agreement signed by BACI and STAR in presence of Morocco’s Groupe Banque Centrale Populaire’s President Mohamed Benchaaboun, BACI revealed in a statement.
According to the same source, the idea behind the construction of the Abidjan Metro was born from an initiative by Ivory Coast’s government to expand the country’s transportation system.
The new railway system will be a link between urban and suburban areas, connecting Anyama to the town of Port Bouet and ending at Félix Houphouët-Boigny International Airport.
In a statement issued by GBCP, the Moroccan group expressed its pride in supporting its subsidiaries to further the economic and social development of Ivory Coast.
The €40 million funding will enable STAR and its affiliates to perform the necessary studies and prepare the construction of the urban railway, which will be allegedly functional by 2019-2020.
Abidjan Metro is expected to alleviate some of the heavy traffic in Abidjan, Ivory Coast’s economic capital and the most populous French-speaking city in West Africa.
With a population of more than 4.7 million people, according to the 2014 Ivory Coast census, the city of Abidjan has been seeking sustainable solutions to curb traffic and improve transportation choices.