World Bank Approves Rail Loan for Democratic Republic of Congo

1 July 2010 (Last Updated July 1st, 2010 18:30)

The World Bank has approved a $255m grant to build a multimodal transport project (MTP) in the Democratic Republic of Congo (DRC) as part of an effort to promote economic growth through the rehabilitation of key transport infrastructure. The project is expected to allocate 90% of its fund

The World Bank has approved a $255m grant to build a multimodal transport project (MTP) in the Democratic Republic of Congo (DRC) as part of an effort to promote economic growth through the rehabilitation of key transport infrastructure.

The project is expected to allocate 90% of its funding, worth $218.85m, to the national railway company.

The funds will complement the $373m pledged by the government toward the SNCC Recovery Plan as well as $25m from the World Bank Private Sector Development and Competitiveness Project.

The national railway recovery plan is expected to improve the transport system in secluded regions of the seven provinces served by SNCC.

Part of the grant will also be diverted towards funding the acquisition of urgently needed equipment for selected state-owned transport enterprises.

The project is expected to be implemented as a partnership between the Government of the DRC, the World Bank and other partners.