The money will go towards upgrading a stretch of the coastal road connecting the country’s two main port cities, Abidjan and San Pedro, as well as improving a 93km section of road between the towns of Dabou and Grand Lahou.
The project includes improvements to the drainage and wastewater network, flood protection, road safety and measures to reduce traffic congestion. Vinci Construction, through its subsidiary Sogea-Satom, is the main contractor for the project.
The financing is backed by the French export credit agency Bpifrance Assurance Export. The financing package has been structured by Standard Chartered in its roles as global coordinator and structuring bank, social loan coordinator, bookrunner and mandated lead arranger.
The project is expected to contribute towards meeting United Nations Sustainable Development Goal 9 which relates to industry, innovation and infrastructure, particularly in emerging markets.
The announcement comes as San Pedro prepares to host the Africa Cup of Nations in 2023, which is expected to attract many local and international visitors. The refurbished section of road will help to improve the connection from Abidjan, a main point of entry for international travelers.
In the long term, the rehabilitation of the coastal road is expected to boost the local economy, trade, and tourism.
John Mokom, CEO of Standard Chartered Bank Côte d’Ivoire, said: “Our involvement in the project is a prime example of Standard Chartered living up to its brand promise: here for good, and supporting our local communities.”
In the past 18 months Standard Chartered Bank has structured several financing solutions to address the needs of the Republic of Côte d’Ivoire, including improving public transport in Abidjan and a network of maternity wards across the country.
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