World Bank approves $125m funding to expand regional trade in Central Africa

The World Bank’s Board of Executive Directors has approved $125 million to finance transport and trade improvements in the Central African Republic (CAR), a statement from the Bank July 26, 2012 announced.

The funds, according to the lender, will support the Economic and Monetary Community of Central Africa (CEMAC)’s Transport and Transit Facilitation Project, a regional programme designed to improve commerce and connect Cameroon, Chad, and CAR to local and global markets by reducing transit bottlenecks along two key corridors: Douala – N’Djamena and Douala – Bangui.

The new financing package consists of a $123.4 million credit and $1.6 million grant from the International Development Association (IDA).

“The funds will scale up road rehabilitation works along the Douala – Bangui corridor within CAR and ensure all-season access between the two major cities. It will equally fund both road safety and transit facilitation activities which are critical for trade facilitation along the said corridor,” the statement said.

According to Elizabeth Lule, World Bank Manager of the Regional Integration Department in the Africa Region, the project will also help improve intra-trade regionally and promote market integration but will also enable CAR to become a player in international markets.

By Ekow Quandzie