Gabon rail network to get €52.5m boost from IFC
The International Finance Corporation (IFC) is providing €52.5-million of debt financing to boost the capacity and improve the efficiency of Gabon’s rail network and improve the Central African country’s trade and transport links.
The financing was awarded to Société d¹Exploitation du Transgabonais (Setrag), which had been the concessionaire of the 650 km Transgabonais rail line between Franceville and Libreville, since 2005.
The Transgabonais served Gabon’s main central economic corridor and helped connect the country¹s landlocked iron-ore and manganese mines to international markets. Setrag would use the funds to increase the railway’s transport capacity while also improving its reliability.
“We are pleased to have provided both advisory services and financing for the rehabilitation of the Transgabonais. This project will support efficient transport solutions by private sector operators for mining companies and general freight shippers, thus facilitating industrial investment and economic growth in Gabon, IFC West and Central regional director Vera Songwe said.
Setrag MD Patrick Claes said the organisation was very appreciative of the support provided by IFC during the advisory and financing phases of this transaction. “IFC’s unparalleled expertise in transport in sub-Saharan Africa and IFC’s ability to play an honest broker role during negotiations of the amended concession contract with Gabon government have been of great added value for Setrag.”
The IFC-arranged financing includes a €35-million loan for IFC’s account, €17.5-million from IFC’s managed co-lending portfolio programme, and a €32.5-million parallel loan from Proparco, the private sector financing arm of the French Development Agency.
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