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AFC to invest EUR30 million in crucial improvements to Guinea’s transport infrastructure

Lagos, 26 June 2015: Africa Finance Corporation (AFC) announces it has provided a EUR30 million loan to Group EBOMAF for the reconstruction and asphalting of a 194km section of the National Route 6 (NR 6), connecting Kissidougou and Kankan.
 
AFC was invited to participate in the project by ECOWAS Bank for Investment and Development (EBID), which contributed EUR35 million.  The rehabilitation of the road is seen as a national priority for the State of Guinea as it not only connects the two largest natural areas in the country, but also forms the junction between the trans-coastal highway running between Conakry to Ouagadougou and Dakar.
 
This is AFC’s first transaction in Guinea since the country’s membership was ratified by the Parliament of Guinea, although the leading multilateral development finance institution and project developer has a long history of investment in the transport and logistics sector having financed and managed projects in South Africa, Ethiopia and Cote d’Ivoire.  AFC is committed to furthering Africa’s economic development by investing in much needed improvements to the continent’s infrastructure of which road networks are essential in enhancing accessibility and connectivity as well as reducing costs. 
 
Built in the 1970s by the Guinea-Cuban cooperation, the section of RN 6 between Kissidougou and Kankan is in serious deterioration, with high levels of congestion and heavy rainfall making transportation of people, goods and livestock extremely difficult. This is impacting the overall economic development of the country.
 
Andrew Alli, CEO of AFC, commented on the announcement: “Currently sections of NR 6 have deteriorated so far as to be almost inaccessible, causing numerous problems for the local population and its economy. 
 
On completion, the road’s renovation will significantly improve connectivity and reduce travel time between the 34 villages and 11 towns that lie along the route.  By developing a key link in Guinea’s wider transport network, AFC and EBID are laying the foundations for further investment and development in the sector and assisting the region to fulfil its economic potential.”

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