Development Bank Earmarks $4.4 Bln For Central Africa

Development bank earmarks $4.4 bln for central Africa

The African Development Bank (AfDB) promised Tuesday to invest $4.4 billion (3.89 billion euros) in infrastructure in central Africa over the next seven years

Abidjan, (UrduPoint / Pakistan Point News - 16th Apr, 2019 ) :The African Development Bank (AfDB) promised Tuesday to invest $4.4 billion (3.89 billion Euros) in infrastructure in central Africa over the next seven years.

The sum will help to finance 30 projects, ranging from electricity networks and transport to information technology and communication and improve cross-border trade, it said in a statement.

Spending will be focussed on Cameroon, Chad, Republic of Congo, Democratic Republic of Congo, Gabon, Equatorial Guinea, and the Central African Republic.

Growth in central Africa doubled in 2018, with GDP expanding by 2.2 percent against 1.1 percent a year earlier, according to AfDB figures.

The rate is still far behind the average for sub-Saharan Africa, which was 3.5 percent.

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